Sep 12, 2020, 08:13 EST
Bronx, United States, Sep 12, 2020, 08:13 /Comserve / -- The IL&FS Group, which is held under Schoolnet India Limited (SIL), has completed the sale of 73.69 percent of its stake in the Education business.
Mumbai, Sept. 10, 2020 - The IL&FS Group, which is held under Schoolnet India Limited (SIL), has completed the sale of 73.69 percent of its stake in the Education business. The sale has been completed to Falafal Technologies Private Limited (FTPL) after approval granted by Hon. National Company Law Tribunal (NCLT). The completion of the transaction provided a positive equity value to IF&LS. This has helped resolve fund based and non-fund based financial debt worth INR 650 crores and was done without any haircut to lenders.
In addition to taking over SIL’s financial debt of INR 650 crores, FTPL has also paid INR 7.37 crore as equity value for SIL’s shares held by IL&FS Limited and IL&FS Employee Welfare Trust. The operating cost of the IL&FS Group will reduce by nearly 19 percent after the sale of SIL. Apart from holding an 80 percent stake in IL&FS Skill Development Corporation (ISDC), SIL also has two wholly-owned subsidiaries. These are IL&FS Cluster Development Initiative Limited (ICDI) and Skill Training Assessment Management Partners Limited (STAMP)
For consideration of INR 1 for each company, the businesses of ICDI and STAMP have been transferred to SIL. This is done through a slump sale as a part of the transaction. Through the slump sale, there has been a transfer of debt of nearly INR 27 crores in ICDI and STAMP. Apart from this, the shares of ICDI and STAMP have been transferred to IL&FS Limited. ISDC will become a step-down subsidiary of FTPL as +SIL continues to retain 80.01 percent in it. Under its new board, this development is another key milestone in the resolution for the IL&FS Group. In order to address a significant portion of the Group’s debt, several other assets are in various stages of sale as a part of the resolution plan.
Regarding the deal sought by IL&FS, the NCLT has also allowed other reliefs. The committee of creditors (CoC) has already approved the deal with a voting share of 75.46 percent by value.
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