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IL&FS board initiates steps for asset monetisation, explore options to sell stake in financial services assets

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The board of troubled Infrastructure Leasing & Financial Services (IL&FS) on Monday submitted a report to Ministry of Corporate Affairs (MCA) stating that the group will achieve resolution through certain measures, including asset monetisation.

IL&FS board initiates steps for asset monetisation, explore options to sell stake in financial services assets
Debt-laden Infrastructure Leasing & Financial Services (IL&FS) board on Monday submitted a report to Ministry of Corporate Affairs (MCA) stating that the group will achieve resolution through certain measures, including asset monetisation.  The company is also planning to sell its stake in  IL&FS Securities Services Ltd along with ISSL Settlement & Transaction Services LTD.
The board while evaluating all options, has initiated the process of exploring the sale of an asset engaged in the securities services business, IL&FS said in a statement.
"The board will publicly solicit Expressions of Interest (EOI) to assess the interest for a sale of its stake in IL&FS Securities Services Ltd along with ISSL Settlement & Transaction Services Limited," the company said.
The company said that these steps are essential for resolution plans for the IL&FS group.
IL&FS board has also appointed Arpwood Capital Ltd and JM Financial Ltd as Financial and Transaction Advisors, along with Alvarez and Marsal as resolution consultants.
IL&FS, which arranged financing for infrastructure projects, has amassed huge debts and has defaulted on payment obligations for some.
The government has seized control of IL&FS and ordered an inquiry by the Serious Fraud Investigation Office. It had also appointed a new board under the chairmanship of Uday Kotak.
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