IL&FS Financial Services to sell 62 NPA accounts worth Rs 4,300 cr

IL&FS Financial Services to sell 62 NPA accounts worth Rs 4,300 cr

IANSUpdated: Monday, September 27, 2021, 02:05 PM IST
article-image
IL&FS Fin Services has an asset under management of around Rs 18,000 crore involving external and internal loans and investments / Representational image |

IL&FS Financial Services (IFIN) has put its non performing asset (NPA) portfolio of approx Rs 4,300 crore up for sale as part of plan to bring down overall group level debt.

The sale of NPA would be done under Swiss Challenge with the new board already having received a binding bid.

Under this method of bidding, the seller who have already received a bid, publishes the bid and invite third parties to match or better it. The process also allows the entity which submitted the first bid then to match or better the best bid which comes out of the Swiss challenge process.

IFIN's sale of NPA book includes 62 accounts aggregating to total outstanding principal of Rs 4,297 crore. Bids have been invited from eligible applicants for purchasing the entire sale asset book comprising all of the 62 accounts.

The public process of inviting bids was launched on Monday and the sale would be concluded on cash consideration basis. The last date for submission of bids is October 19, 2021.

IFIN has an asset under management of around Rs 18,000 crore involving external and internal loans and investments.

The sale of external corporate loans is part of the resolution process of the overall debt.

IFIN is a 100 per cent subsidiary of IL&FS and is registered with the Reserve Bank of India as a systemically important non-deposit accepting non-banking finance company.

IL&FS group had total outstanding debt over Rs 90,000 crore. The new team is resolving some these through a strategy of asset sale and combing resources of other entities.

RECENT STORIES

Tata Technologies Q1 Profit Rises 5% To ₹170 Crore; CEO Sees Strong H2 On Deal Pipeline Growth

Tata Technologies Q1 Profit Rises 5% To ₹170 Crore; CEO Sees Strong H2 On Deal Pipeline Growth

India’s Veg Oil Imports Flat In June, Crude Oil Shipments Surge After Duty Cut

India’s Veg Oil Imports Flat In June, Crude Oil Shipments Surge After Duty Cut

Retail Inflation Eases Further In June, Slips To Over Six-Year Low At 2.1%

Retail Inflation Eases Further In June, Slips To Over Six-Year Low At 2.1%

Sensex, Nifty Drop For 4th Straight Session, IT Selloff & FII Outflows Weigh On Market

Sensex, Nifty Drop For 4th Straight Session, IT Selloff & FII Outflows Weigh On Market

EaseMyTrip Co-Founder Stuck In Bengaluru Traffic, Pledges ₹1 Crore To Solve It With AI & Maps

EaseMyTrip Co-Founder Stuck In Bengaluru Traffic, Pledges ₹1 Crore To Solve It With AI & Maps