A dozen contenders for the sale of IL & FS interests in two subsidiaries

The board of directors of the IT & FS had indexed the group's total debt of an amount greater than 3,000 crore to 94,215.6 crore, the October 8th. Photo: Aniruddha Chowdhury / Currency

Mumbai: Infrastructure & Leasing Financial Services Ltd. (IL & FS) announced Monday that it has received more than a dozen responses regarding its sale of shares in IL & FS Securities Services Ltd (ISSL) and IL & FS Settlement & Transaction Services Ltd (ISTSL) On November 12th, the company began a process of selling its stake in the two subsidiaries, which has 348 subsidiaries, nearly half of them abroad. .

"More than a dozen expressions of interest in acquiring IL & FS's interest

According to IL & FS, a group of banks, private equity firms and investment variable capital have been received, whose board examines the eligibility, "said the company in a statement.ther fi Financial services companies have expressed interest in the repurchase of the equity interest of IL & FS in both

"The group will soon launch the badet monetization process for the sale of many other badets as part of its ongoing resolution process," the statement said.] IL & FS administration headed by Uday Kotak, appointed by the government, had submitted to the Ministry of General Affairs a report on the progress made and the way forward, which had been submitted to the NCLT.

In the plan of r resolution presented to NCLT on October 31, the IL & FS Board announced that it intends to complete the phased resolution process over the next two to three quarters.

The plan submitted to the Bankruptcy Court also alluded to non-transparent and illegal transactions by the government. previous direction in the sale of a group entity in June 2017. The board had also indexed the group's total debt of an amount of more than 3,000 crores of rupees to 14,215.6 crores of rupees in October 8th.

In the resolution plan, the ad stated that the new board faced significant challenges resulting from the lack of reliable information and data gaps in order to prepare a resolution plan for the group.

This story was published from a wire agency telegraphy without text modification. Only the title has been changed.