The IL&FS Group has completed the sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings of the Philippines. With this stake sale, IL&FS has resolved approx Rs 1,275 crore of its Group debt and ultimately exited the technology business. This transaction forms part of the overall IL&FS Group resolution estimate of Rs 61,000 crore.
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This is a positive equity transaction wherein the new promoter has taken over the entire debt, IL&FS said in a statement. TTL was formerly known as IL&FS Technologies Ltd. Falcon SG is a wholly-owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.
Apart from some foreign banks and institutions, the State Bank of India, Axis Bank, and Indian Bank were key Indian lenders. The transaction would release corporate guarantees extended by various IL&FS Group entities. It will also facilitate the reduction of 5 entities within the IL&FS Group: TTL and its four subsidiaries – Land Registration Systems Incorporation (LARES), IL&FS Technologies Philippines Incorporation (ITPI), LIVIA India Limited (LIL) and Bhopal e-Governance Limited (BEGL).