IL&FS Financial Services (IFIN), the non-banking financial company arm of Infrastructure Leasing and Financial Services (IL&FS), is looking to sell its external corporate loan book through an auction. The process of inviting bids will commence next week. IFIN said in a statement that Rs 5,000 crore worth of corporate loans will be sold. The external loan book includes credit to over 70 firms that have turned non-performing assets.

IL&FS Financial Services (IFIN), a 100% subsidiary of scam-hit IL&FS, has decided to sell its external corporate loan book. As per the decision, corporate loans of Rs 5,000 crore would be auctioned through a bidding process, IL&FS said in a statement.

IL&FS Financial Services plans to sell its external corporate loan book worth about Rs 5,000 crore. It would be auctioned off through a bid process, and the public process of inviting bids is likely to be started this week. "The sale of the loans would be on cash consideration," the company said, adding that it is part of the overall process to reduce the debt of IL&FS.

IL&FS Financial Services (IFIN) has proposed to auction off its external corporate loan book worth about Rs 5,000 crore through a bid process, in an attempt to reduce the over-all debt of the IL&FS group. The process will be launched this week, a source in the know of the development said. As of March 2019, the assets under management of IFIN stood at Rs 18,000 crore, which includes external, internal loans and internal investments. The company is yet to declare its results for financial year 2019-20.

IL&FS Financial Services (IFIN), a wholly owned subsidiary of IL&FS, is looking to sell its external corporate loan book worth close to Rs 5,000 crore, according to a source. The process, aimed at reducing the overall debt of IL&FS, will be launched this week, the source said. As of March 31, 2019, the non-banking finance company's asset under management stood at Rs 18,000 crore which includes external, internal loans and internal investments. The company is yet to declare its results for 2019-20.

At an e-Adda held last week, Uday Kotak, MD & CEO, Kotak Mahindra Bank, and President, Confederation of Indian Industry (CII), spoke on the impact of Covid on the economy, risk aversion among banks, and how technology will drive business in the future

The setting up of a framework to transfer road assets of IL&FS Transportation Networks (ITNL) into an InvIT has paved the way for resolution of about Rs 13,000-crore worth bad loans. An InvIT or an infrastructure investment trust is a mutual fund-like vehicle that is used to raise money by monetising operational assets. IL&FS has set up Roadstar Infra Private (RIIPL) as a new subsidiary of ITNL to act as a sponsor company for the road assets and has infused Rs 75 crore into it. Another arm, North Karnataka Expressway (NKEL) has been appointed as an investment manager to the proposed InvIT.

IL&FS Securities Services has settled with markets regulator Sebi a case of alleged violation of market norms in respect of its risk participation arrangement with IL&FS Financial Services. The firm paid Rs 7.8 lakh towards settlement charges, as per a settlement order issued n Wednesday.

INDIA'S Banking sector is at the centre of a push to get the economy back on track, working to ease stress on borrowers and stabilise the financial system, after a record GDP contraction of 23.9% in the June quarter. To discuss the way forward and reforms needed to boost growth,Uday Kotak,MD & CEO, Kotak Mahindra Bank,and President, Confederation of Indian Industry (CIl), will be the guest at the Express e-Adda Thursday.

The Management and the New Board of IL&FS Limited today shared its quarterly update on the progress of the ongoing Group resolution process, maintaining its earlier estimates of addressing more than 50 per cent of the overall debt of over Rs 99,000 crore as of October 2018.