comScore
Active Stocks
Wed Sep 27 2023 15:59:55
  1. Tata Steel share price
  2. 128.15 -0.54%
  1. HDFC Bank share price
  2. 1,527.2 -0.68%
  1. Tata Motors share price
  2. 620.4 0.1%
  1. NTPC share price
  2. 239.35 -0.35%
  1. Infosys share price
  2. 1,467.55 0.51%
Business News/ Companies / News/  IL&FS appoints Arpwood, JM Financial as advisors for debt resolution plan
Back

IL&FS appoints Arpwood, JM Financial as advisors for debt resolution plan

Arpwood Capital and JM Financial will undertake valuations across divestments and monetisation

The six-member IL&FS board was formed to revive the financier and infrastructure developer, which has 348 subsidiaries and $12.4 billion of debt. Photo: ReutersPremium
The six-member IL&FS board was formed to revive the financier and infrastructure developer, which has 348 subsidiaries and $12.4 billion of debt. Photo: Reuters

Mumbai: The new board of directors of IL&FS has appointed Arpwood Capital and JM Financial as financial and transaction advisors for the company and its several subsidiaries.

A statement from the company said this was meant to “harmonise asset monetization, including ongoing activities, and to undertake the same in a transparent and speedy manner".

The two advisors will undertake valuations across divestments and monetisation.

The board also re-confirmed the appointment of Alvarez and Marsal as restructuring advisors for the group with the mandate to maintain strict controls and manage day-to-day liquidity, evolve a resolution plan, and manage stakeholders with regards to the implementation of the resolution plan.

Infrastructure builder and financier IL&FS has accumulated debts of 90,000 crore and recently defaulted on a host of short-term borrowings. The central government stepped in to replace the board of directors with a new board led by banker Uday Kotak.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 22 Oct 2018, 04:48 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App