The last date for receipt of EoIs for IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd was November 23, 2018
Infrastructure Leasing & Financial Services (IL&FS) Group has received over a dozen expression of interest (EOI) for the two security services businesses it had put up for sale earlier this month.
"Last date for receipt of same was November 23, 2018. Interest has been received from a mix of banks, private equity firms and other financial services companies," read the statement issued by the crisis-hit group.
On November 12, the group had come out with EOI to monetise IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd. These two companies are the first of the lot to go under the hammer.
The Board is scrutinising the eligibility of the EOIs it has received. Next, the qualifying interested bidders will be invited to review information on the business that would be shared with them, so as to enable them to submit commercial bids.
The company will require National Company Law Tribunal's (NCLT) approval to get into any binding transaction for the sale of assets, as well as the resulting resolution plan before the transactions are concluded.
The total debt of the group stands at around Rs 95,000 crore.
The IL&FS Group will soon be launching the asset monetisation process for the sale of many other assets as part of its ongoing resolution process. As per the plans, 10 subsidiaries of IL&FS will be up for sale in order to pull the company's out from the financial mess.
The next hearing is scheduled for December 3 at NCLT's Mumbai bench.
IL&FS's Board, led by banker Uday Kotak, had approached the NCLT and had also submitted to the Ministry of Corporate Affairs and NCLT a report on the progress and the way forward. The report mentions that certain assets would be divested.
Meanwhile, the group continues to default on its payments for the principal amount as well as interest on various instruments like commercial papers, deposits, debts and non-convertible debentures.
PIECE BY PIECE
- The last date for receipt of EoIs for IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd was November 23, 2018
- The Board is scrutinising the eligibility of the EOIs. The qualifying bidders will get to review information on the business before submitting commercial bids
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