IL&FS's InvIT to file fresh papers for Rs 8,500 crore debt
infrastructure investment trust (InvIT) is set to file an updated draft placement memorandum with the Sebi early this month to transfer certain IL&FS assets to the InvIT framework, which will help address up to ₹8,500 crore of the group's debt.
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Registered under Sebi's InvIT Regulations as part of a 2020 debt resolution plan of the IL&FS group, this InvIT will consolidate nine road assets and issue its units to creditors against their dues.
IL&FS has so far cleared Rs 38,082 crore of its Rs 99,355 crore external debt in one of India's largest corporate debt crises. As much as 61% of the debt reduction has been done through asset monetisation, debt servicing and interim distributions.
The InvIT will comprise assets from IL&FS Transportation Networks, which collectively have EV of Rs 8,000-8,500 crore.
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