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.
The Thane police have arrested two co-founders of cryptocurrency exchange platform CoinDCX in connection with an alleged fraud of Rs 71.6 lakh, officials said
Meta Chief Executive Mark Zuckerberg is building a CEO agent to help him do his job, the Wall Street Journal reported
Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
L&T confirms 95% of its West Asia project sites are safe, while addressing logistics challenges amid ongoing regional conflicts.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Mines Ministry to auction 19 critical mineral blocks on March 23, expanding strategic resources for clean energy and technology sectors.
Five top firms lose ₹1 lakh crore in market value, with HDFC Bank experiencing the largest decline of ₹56,124.48 crore.
HDFC Bank terminates three senior officials over client onboarding issues at its DIFC branch amid ethical concerns following chairman's resignation.
Air India CEO warns of potential flight cuts and reduced travel demand due to rising fuel costs amid ongoing Gulf conflict.
Options are widely used by retail traders to speculate on the value of the stock for immediate gains and such behaviour in large scale can distort the market
India achieves 1 billion tonne coal production for the second consecutive year, ensuring stable energy supply and economic growth.
Generic drugmakers in India launch affordable Semaglutide versions, targeting a $1 billion diabetes and weight loss market.