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IL&FS resolves 1,275 crore debt with stake sale in Terracis Technologies

The transaction would release corporate guarantees extended by various IL&FS Group entities and will also facilitate reduction of five entities within the IL&FS Group: TTL and its four subsidiaries. (Photo: Reuters)Premium
The transaction would release corporate guarantees extended by various IL&FS Group entities and will also facilitate reduction of five entities within the IL&FS Group: TTL and its four subsidiaries. (Photo: Reuters)

  • The new board of IL&FS led by banker Uday Kotak, in its latest updates, had said that the Group has resolved over 52,000 crore in debt while maintaining its overall group debt resolution estimate at 61,000 crore

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MUMBAI: IL&FS Group on Thursday said it has concluded the sale of its 52.26% stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings, (Philippines) Inc.

With this, IL&FS has resolved approximately 1,275 crore of its group debt and exited the technology business, as per a company statement. This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, it added.

Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were key Indian lenders to the company. The transaction would release corporate guarantees extended by various IL&FS Group entities and will also facilitate reduction of five entities within the IL&FS Group: TTL and its four subsidiaries.

TTL is a technology company that provides information technology solutions for efficient citizen service delivery and smart governance.

The new board of IL&FS led by banker Uday Kotak, in its latest updates, had said that the Group has resolved over 52,000 crore in debt while maintaining its overall group debt resolution estimate at 61,000 crore. This transaction is part of the overall IL&FS Group resolution estimate of 61,000 crore.

TTL was formerly known as IL&FS Technologies Ltd and Falcon SG is a wholly owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.

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