IL&FS Group on Monday said that it has initiated an interim distribution pay-out of Rs 3,200 crore in IL&FS Financial Services Ltd (IFIN). This is the group's largest ever interim distribution pay-out, it said in a media release. "This is the first interim distribution that will be completed for a vertical holding company under the IL&FS Group," it added.
The group stated that of the total amount, approx Rs 2,250 crore will be paid to a combination of 28 PSU, private and foreign banks. Another Rs 950 crore will be given to over 500 public debenture holders, public funds (including EPFO, Army Group Insurance etc) and others.
Earlier, the group has completed the interim distribution pay-out of Rs 623.3 crore for Rapid Metro Gurgaon Ltd (RMGL) and Rs 1,273 crore for Rapid Metrorail Gurgaon South Ltd (RMGSL) for secured financial creditors. Once the IFIN pay-out concludes, the group would have paid an aggregate amount of nearly Rs 5,100 crore on interim basis to eligible creditors across these three companies.
NCLAT had approved the interim distribution application of the IL&FS board comprising of cash pay-out and InvIT units under select entities in May 2022. The issuance of InvIT units would be undertaken closer to the IPO, the group has said.
On completion of IFIN interim distribution pay-out, the debt of Rs 27,000 crore will stand discharged by way of monetisation of assets and debt repayment across IL&FS group.
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