{"id":92090,"date":"2018-09-29T21:19:25","date_gmt":"2018-09-29T21:19:25","guid":{"rendered":"http:\/\/www.bnreport.com\/ilfs-board-approves-rights-issue-to-approach-nclt-for-asset-sale\/"},"modified":"2018-09-29T21:19:25","modified_gmt":"2018-09-29T21:19:25","slug":"ilfs-board-approves-rights-issue-to-approach-nclt-for-asset-sale","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/ilfs-board-approves-rights-issue-to-approach-nclt-for-asset-sale\/","title":{"rendered":"IL&FS board approves rights issue; to approach NCLT for asset sale"},"content":{"rendered":"

The debt laden Infrastructure Leasing and Financial Services today passed a resolution to raise capital through rights issue, approach National Company Law Tribunal for asset sale<\/a> resolution and get liquidity to repay debtors. In the annual general meeting held today, the company briefed the shareholders<\/a> about the situation and how it plans to restore normalcy. <\/p>\n

\u201cIn todays Annual General Meeting at IL&FS, we addressed several of the issues that have been concerning our shareholders,\u201d said Hari Sankaran VC and MD, IL&FS. \u201cThese issues revolve around how we can restore normalcy to our operations and create a kind of work that we have been doing till date.\u201d <\/p>\n

He laid out elements of our strategy in three parts. One, to have successful rights issue which will generate and enable the company to recapitalize itself. Two, to sell assets which they have built over the last few decades in order to ensure that the value can be upstreamed and used to repay our creditors. Three, should be able to get liquidity to repay our debtors till asset sale cycle begins. \u201cThese strategies were explained in detail to our shareholders,\u201d said Sankaran. <\/p>\n

Another shareholder who attended the meeting said that the resolution to increase capital was passed after a lot of discussion while no one committing to subscribing to it. <\/p>\n

\u201cThe shareholders were very vocal and upset,\u201d said a shareholder who attended the meeting. \u201cThe resolution about raising capital was passed. No one committed to participate but the process will be concluded by October. They want to go NCLT<\/a> so that the sale can be done in orderly manner.\u201d <\/p>\n

Life Insurance Corporation of India, State Bank of India and ORIX Corporation are expected to invest in the Rs 4,500 crore rights issue of IL&FS. <\/p>\n

\u201cIn the next 45 days, IL&FS is looking to take legal opinion on asset sale as one of the creditors has approached court and got a stay on sale of assets,\u201d said another person who attended the meeting. <\/p>\n

IL&FS is looking to raise up to Rs 16,000 crore from selling assets of the transport business IL&FS Transportation Networks. It has identified 14 assets, including the headquarters to divest and raise funds <\/p>\n

The Reserve Bank of India met up with large shareholders of IL&FS and asked them to ensure arrest of defaults. <\/p>\n

With total debt of Rs 91,000 crore, the company has defaulted on five bank loans, one deposit and one shot term deposit between September 12 and September 27. The holding company with over 150 subsidiaries have defaulted on repayment of commercial papers, leading to the debt downgrade to below investment grade and restrictions on tapping the money market for funds. <\/p>\n

\u201cThe management did not spell out how they plan to raise the money and liquidate assets,\u201d said Ramesh Pardiwala shareholder of IL&FS with Rs 7 crore investment in the company. \u201cI have written a letter to the finance<\/a> minister to hand over the case to the Central Bureau of Investigation.\u201d <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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The debt laden Infrastructure Leasing and Financial Services..<\/p>\n","protected":false},"author":1,"featured_media":92091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-92090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nIL&FS board approves rights issue; to approach NCLT for asset sale - Business News Report<\/title>\n<meta name=\"description\" content=\"The debt laden Infrastructure Leasing and Financial Services..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/ilfs-board-approves-rights-issue-to-approach-nclt-for-asset-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IL&FS board approves rights issue; 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