Healthy response for monetisation of securities services business: IL&FS

Last Updated: Tue, Nov 27, 2018 10:32 hrs
A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai

Mumbai: Debt-ridden IL&FS on Monday said it has received over a dozen 'Expressions Of Interest' (EOI) towards acquiring its stake in IL&FS Securities Services Ltd. (ISSL) and ISSL Settlement and Transaction Services Ltd. (ISTSL).

The firm had started the asset monetisation process a fortnight ago, towards developing a resolution plan for the IL&FS Group. The last date for receipt of EOI was November 23.

"More than a dozen EOI towards acquiring IL&FS' stake in ISSL and ISTSL have been received, which the Board is scrutinising for eligibility," the company said in a statement.

"Interest has been received from a mix of banks, private equity firms and other financial services companies."

According to the firm, 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".

In addition, the Group plans to shortly "launch the asset monetisation 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(s), will be subject to requisite approvals (including the NCLT) before the transactions are concluded," the statement said.

On last Saturday, Company Affairs Secretary Injeti Srinivas said: "I understand that EOIs for another 8 to 10 companies will be shortly called."

Srinivas was speaking on the sidelines of a conference on insolvency and bankruptcy law hosted by industry body FICCI.