This is an equity positive transaction in which the entire debt has been taken over by the new promoter.
The transaction will issue corporate guarantees extended by various IL&FS group entities and will also facilitate the reduction of five entities within the group: TTL and its four subsidiaries – Land Registration Systems Incorporation (LARES), IL&FS Technologies Philippines Incorporation (ITPI). ), Livia India Limited (LIL) and Bhopal e-Governance Limited (BEGL).
With this transaction, over 200 employees of these companies will also now shift to the new promoter along with the company, the release said.
TTL has over a decade of experience in providing Information Technology solutions for efficient citizen service delivery and smart governance through its customized solutions.
TTL was formerly known as IL&FS Technologies Ltd and is a wholly owned subsidiary of Falcon Investments Pte Ltd, a part of Falcon SG Gateway Partners and Avenue Capital Group.
On Wednesday, the group said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC (IPTF). VTTI Terminal I BV (VTTI). The transaction resolved the outstanding debt of the group to the tune of Rs 757.79 crore.
Earlier this month, the IL&FS board had announced that the group had resolved over Rs 52,000 crore of debt while maintaining its total debt resolution estimate at Rs 61,000 crore.