IL&FS Transportation Networks (IL&FS TN), the transportation infrastructure company, announced that the company has sold its 49% stake in Rapid MetroRail Gurgaon for an aggregate consideration of Rs 5.10 billion.

The company said, ''Sold 49% equity stake in Rapid MetroRail Gurgaon, a subsidiary of the company at a price of Rs 17 a share for  Rs 5.19 billion.''

IL&FS TN is involved in the development, operation and maintenance of national and state highways, roads, flyovers and bridges in many states of India.

Shares of the company declined Rs 1.35, or 1.87%, to trade at Rs 71 at the BSE (12.10 p.m., Thursday).