Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) is looking to sell 25 of its assets to reduce its debt by Rs 35,000, sources from the company told CNBC-TV18 on Tuesday, adding that the remaining debt is sustainable.
According to the sources, the company has already identified the assets, out of which, 14 have already received expressions of interest (EoI).
Most shareholders are open to investing in Rs 4,500 crore rights issue, said sources, adding that the company has to meet short term repayments of Rs 17,000 crore.
However, sources from HDFC, which holds about 9 percent stake in the company, said that the company did not wish to subscribe to IL&FS rights issue. The company has been a passive investor and has not claimed a board seat, added the source.
IL&FS and its subsidiaries moved National Company Law Tribunal (NCLT) on Tuesday, seeking restructuring of debts under Section 230 of the Companies Act 2013.
The subsidiaries included IFIN, ITNL, IL&FS Energy Development and IL&FS Engineering & Construction Ltd.
The firm has also been in talks with the creditors for refinancing of loans.
The company had earlier defaulted on a commercial paper payment issued by its subsidiary IL&FS Financial Services in August and has had its debt rating degraded, raising concerns across the market.
First Published: Sept 25, 2018 12:57 PM IST
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