New Delhi, Nov 25, : , The IL&FS Group sold its 52.26 percent stake in Terracis Technologies Ltd (TTL), to Falcon SG Holdings of the Philippines on Thursday. Terracis Technologies was formerly IL&FS Technologies Ltd.Falcon SG is a wholly owned subsidiary of Falcon Investments Pte.It is a part Gateway Partners and Avenue Capital Group.
The company stated that the stake sale has helped the group to resolve around Rs 1.275 crore of its debts and also completely exit the technology business.
It stated that it was an equity positive transaction in which the entire debt was taken over by the new promoter.
It added that the transaction would allow for the release of corporate guarantees from various IL&FS Group entities, and will also facilitate the reduction in five entities within the IL&FS Group.
These five entities include Terracis Technologies and its four subsidiary companies — Land Registration Systems Incorporation, IL&FS Technologies Philippines Incorporation(ITPI), LIVIA India Ltd.(LIL), and Bhopal e-Governance Ltd.(BEGL).
Additionally, this transaction will see over 200 employees in these five companies shift to the new promoter.
“The new board announced in its latest updates that the IL&FS group had resolved more than Rs 52,000 crore of its debt while maintaining its overall group debt resolution estimate of Rs 61,000 crore.
This transaction is part of the overall resolution estimate for the IL&FS Group of Rs 61,000 crore,” the company said.
ad/arm #ILFS #sells #Terracis #settles #debt #Delhi
.
