New Delhi: IL&FS Transportation Networks, a group company of IL&FS, Thursday said it proposes to divest its stake in certain road projects to ease liquidity concerns. Besides, the company said former civil servants Vineet Nayyar and C S Rajan have been inducted in the board.
According to a regulatory filing, the board considered the proposal for divestment of its stake in certain road projects for easing the liquidity concerns and decided to seek assistance from the financial and transaction advisors appointed by IL&FS for the process. “In connection therewith, the Board authorized exploring various options and providing relevant information and access to counterparties in respect thereto, subject to execution of requisite confidentiality and non-disclosure agreements,” it said. Earlier this week, the company appointed Arpwood Capital and JM Financial as the financial and transaction advisors.
