The newly-appointed IL&FS board has initiated the process of selling IL&FS group’s equity stakes in 22 road assets of around 12,000 km on Monday.
The IL&FS board, along with the ITNL board, has decided to publicly solicit expressions of interest to assess the interest for a sale of its stakes in the domestic roads vertical.
In order to ascertain market interest, and to examine feasibility of maximization of value in an orderly and transparent manner, the IL&FS Board, acting on behalf of its relevant subsidiaries including ITNL, has today initiated the process of exploring the divestment of the IL&FS Group’s equity stake(s)/interest(s) (“Stake(s)”) in road assets/businesses or an undertaking comprising all the assets/businesses (together the (“Domestic Roads Vertical”))
IL&FS has put on the block 36 high-end cars - from manufacturers such as Audi, BMW, Mercedes Benz and Jaguar - that were used by senior executives of IL&FS group companies. The fleet has been valued at close to Rs 9 crore and are in Mumbai and Delhi.
IL&FS Transportation Networks, part of the IL&FS Group, Thursday announced the appointment of Shaivali Parekh as its Chief Financial Officer. The decision on the same was taken during the board meeting, the company said in a regulatory filing.
The roads infrastructure arm of IL&FS, IL&FS Transportation Networks (ITNL), on Thursday responded to the National Stock Exchange (NSE) notice, requesting it to waive the penalty for not filing its financial results for the three months ended September 30, 2018.
The Indian Banks’ Association (IBA), representing the country’s top lenders, wants the Reserve Bank of India and the Centre to exempt banks from asset classification with regard to the loan exposure to the beleaguered IL&FS group for six months.
SBI, Axis Bank and IndusInd Bank have emerged three key bidders for IL&FS Securities Services (ISSL) and ISSL Settlement & Transaction Services. The securities business, which is understood to be valued at around Rs 1,500 crore, was put on the block by the new board last month.
A Securities and Exchange Board of India (Sebi) investigation of the role of ratings agencies in the Infrastructure Leasing and Financial Services Ltd (IL&FS) crisis found them lacking, chairman Ajay Tyagi said, adding the regulator has now begun adjudicating proceedings against the agencies.
IL&FS will put on the block four more businesses — IL&FS Education, IL&FS Technologies, ONGC Tripura Power Company and IL&FS Paradip Refinery Water — in coming weeks.