IL&FS group stocks climb up to 10% on divestment initiative to raise funds

Shares of IL&FS group companies surged up to 10 per cent Tuesday as it announced its plan to sell equity stakes in its road assets to raise funds. IL&FS Investment Managers was trading 9.86 per cent higher at Rs 7.02 at 1230 hours on BSE, IL&FS Transportation Networks Ltd (ITNL) rose 5 per cent to Rs 11.55 and IL&FS Engineering and Construction advanced as much as 4.98 per cent to Rs 14.13. However, the benchmark BSE Sensex was down 139 points at 36,137 during the same time. On Monday, Infrastructure Leasing & Financial Services (IL&FS) group, which sits on a debt pile of about Rs 90,000 crore, said it will sell equity stakes in its road assets to raise funds. The IL&FS board, acting on behalf of its relevant subsidiaries including ITNL, Monday initiated the process of exploring divestment of IL&FS group's equity stakes in road assets, the group said in a statement. This was done in order to ascertain market interest and to examine feasibility of ...

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