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IL&FS sells 52.26% stake in Terracis Technologies, resolves Rs 1,275 cr debt
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SME Times News Bureau | 25 Nov, 2021
The IL&FS Group on Thursday completed the sale of its 52.26 per cent
stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings of the
Philippines.
Terracis Technologies was formerly known as
IL&FS Technologies Ltd, while Falcon SG is a wholly-owned subsidiary
of Falcon Investments Pte, a part of Gateway Partners and Avenue
Capital Group.
With this stake sale, the group has resolved
around Rs 1,275 crore of its debt and also completely exited the
technology business, the company said.
"This is an equity positive transaction wherein the entire debt has been taken over by the new promoter," it said.
"The
transaction would release corporate guarantees extended by various
IL&FS group entities and will also facilitate the reduction of five
entities within the IL&FS group," it added.
These five
entities are Terracis Technologies and its four subsidiaries -- Land
Registration Systems Incorporation (LARES), IL&FS Technologies
Philippines Incorporation (ITPI), LIVIA India Ltd (LIL) and Bhopal
e-Governance Ltd (BEGL).
Also, with this transaction, over 200 employees within these five companies would now shift to the new promoter.
"The
new board, in its latest updates, had announced that the IL&FS
group has resolved over Rs 52,000 crore debt while maintaining its
overall group debt resolution estimate at Rs 61,000 crore. This
transaction forms part of the overall IL&FS Group resolution
estimate of Rs 61,000 crore," the company added.
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