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Infrastructure Leasing & Financial Services (IL&FS) board has advanced its efforts to reduce the debt burden on the group, by initiating the process to sell its stake in its education and alternative investment management businesses.
The Infrastructure Leasing & Financial Services said in a statement that the group is selling its stake in IL&FS Education & Technology Services and IL&FS Investment Managers. The stake sale will be along the subsidiary businesses and associated fund management platforms.
IL&FS Education & Technology Services provides technology services from kindergarten to high school students through various programmes, whereas IL&FS Investment Managers handles manages private equity funds, infra debt funds, among others, and has assets under management of around Rs 13,340 crore.
IL&FS group, which is under the debt of around Rs 94,000 crores, had also announced plans to sell its stake in IL&FS Securities Services and ISSL Settlement & Transaction Services in the previous month.
IL&FS, which has already defaulted on payments worth over Rs 5,000 crore since late August, informed in its regulatory filings that the group defaulted in payment of a term loan of Rs 100.52 crore, which was due yesterday (Thursday).
