Crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) on Monday said it received more than a dozen expressions of interest for its stakes in subsidiaries IL&FS Securities Services and ISSL Settlement & Transaction Services.
“IL&FS has received a strong response to its asset monetisation process, initiated a fortnight ago, towards developing a resolution plan for the IL&FS group. More than a dozen expressions of interest (EOI) towards acquiring IL&FS’ stake in IL&FS Securities and ISSL Settlement & Transaction Services have been received, which the board is scrutinising for eligibility,” IL&FS said in a statement.
It said interest has been received from a mix of banks, private equity firms and other financial services companies. “Qualifying interested bidders will then be invited to review information on the business that would be shared with them, so as to enable them to submit commercial bids,” it said.
The IL&FS group will shortly be launching the asset monetization process for sale of many other assets as part of its ongoing resolution process. “Any binding transaction for the sale of assets, as well as the resulting resolution plan, will be subject to requisite approvals (including the NCLT) before the transactions are concluded. The Board of IL&FS appointed by the NCLT had submitted to the MCA a report on the progress and the way forward on October 30, which in turn was submitted to the NCLT.
Two IL&FS group firms default on payments
IL&FS group companies IL&FS Financial Services (IFIN) and IL&FS Transportation Networks (ITNL) on Monday said they were unable to repay interest on loans totalling Rs 220.56 crore. FE