IL&FS; Transportation Networks Ltd - 533177 - Update On Disclosure Made Vide The Letter Dated January 25, 2019 Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
We, IL&FS; Transportation Networks Limited ('ITNL'), wish to disclose that at the meeting of the Board of Directors of Elsamex SAU, Spain ('Elsamex'), a material subsidiary of ITNL, held on January 25, 2019, a decision was taken for initiation of voluntary insolvency proceedings and the same was updated to the exchange vide the Letter. Subsequent to the above, Elsamex Management presented to the Board a key proposal received from key Spanish Lenders for restructuring/refinancing of its debts (''the Proposal''). The Board of Directors of Elsamex, at its meeting held on April 25, 2019, considered the Proposal and authorised the Management of Elsamex to work out further details. Pending finalisation of the restructuring proposal, the Board has advised the Management to keep the earlier proposal of voluntary insolvency on hold. We will update you with any relevant development in this regard. This is submitted for your information.01-05-2019