IL&FS group firms initiate payout of ₹5,000 crore under interim distribution
The Hindu
IL&FS Group initiates ₹5,000 crore interim distribution to creditors, including ₹3,500 crore in InvIT units, improving debt recovery.
IL&FS Group said its companies have initiated an interim distribution of ₹5,000 crore – including ₹3,500 crore of Infrastructure Investment Trust (InvIT) units and ₹1,500 crore in cash – to eligible creditors as part of the (scam hit) group’s ongoing resolution efforts.
The interim distribution is largely being initiated by three holding companies namely Infrastructure Leasing and Financial Services (IL&FS) Ltd, IL&FS Financial Services Ltd (IFIN), and IL&FS Transportation Networks Ltd (ITNL) which collectively hold majority of the group’s debt.
The InvIT units have been issued by Roadstar Infra Investment Trust that has six underlying road assets which include MBEL, SBHL, PSRDCL, BAEL, TRDCL and HREL – and has an overall Enterprise Valuation of ₹8,576 crore, IL&FS Group said in a statement.
These InvIT units are being distributed through a private placement followed by listing, as prescribed under SEBI regulations, it said.
“This valuation represents a significant milestone, improving recoveries for creditors of these 6 Special Purpose Vehicles (SPVs) road assets including Group Entities - IL&FS Ltd, IFIN, ITNL, and Sabarmati Capital One Ltd (SCOL) - that had extended loans to these SPVs,” it said.
Post this payout, the aggregate debt discharged across IL&FS Group companies will stand at approximately ₹43,000 crore, accounting for over 70% of the estimated total debt resolution target pegged at ₹61,000 crore – and includes the aggregate interim distribution payouts, the group said.
This cash payout of ₹1,500 crore is in addition to the ₹12,000 crore already distributed to eligible creditors across 12 IL&FS group entities, in multiple phases, within the last two years under the approved interim distribution framework, the group said.
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