IL&FS Transportation Networks, the transportation infrastructure company, announced the board of directors on Wednesday approved the proposal for issue of equity shares on rights basis.

The company intends to issue of equity shares of the face value of Rs. 10 each to the existing shareholders to raise upto Rs. 7.50 billion, subject to all applicable statutory and regulatory approvals.

The terms and conditions of the rights issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters shall be decided in consultation with the lead managers to the rights issue, it said.

Shares of the company declined Rs 1, or 1.11%, to trade at Rs 88.95. The total volume of shares traded was 78,423 at the BSE (3.11 p.m., Wednesday).