Bharti Infratel has stated that it will buy back 47 million shares for Rs 425 each in a deal valued at Rs 20 billion. The move is aimed at returning surplus funds, which are over and above its ordinary capital requirements and in excess of any current investment plans, to the company’s shareholders, in an expedient, efficient and cost-effective manner.
MAIF Investments India Private Limited has bought an additional stake in IL&FS Transportation Networks Limited’s (ITNL) roads subsidiary, Gujarat Roads and Infrastructure Company Limited (GRICL), for about Rs 1.09 billion. In May 2016, ITNL had signed a definitive agreement with MAIF for the sale of 8,313,800 equity shares of GRICL. MAIF will now hold 56.8 per cent of GRICL’s equity capital whereby ITNL will cease to have management control of GRICL, but will continue to hold equity shares representing 26.8 per cent of GRICL’s paid-up equity share capital.