IL&FS on Monday said it has started the process to raise funds from the sale of its assets. In a statement, the company said its new board of directors has decided to solicit expressions of interest (EOIs) to assess the interest for the sale of its stake in IL&FS Securities Services (ISSL) and in ISSL Settlement & Transaction Services (ISTSL). The announcement means that an agreement struck in June by IL&FS’ erstwhile board to sell ISSL to IndusInd Bank is nullified, and the process of disposing of the subsidiary will start afresh. ISSL, incorporated in July 2006, is a capital markets intermediary for professional clearing, depository and custodial services. ISSL Settlement & Transaction Services provides professional clearing services in the commodities derivatives segment. IL&FS said any agreement for the sale of the two assets will be subject to requisite approvals (including an approval from the National Company Law Tribunal (NCLT)), before the transactions are implemented. —FE
