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Infrastructure Leasing and Financial Services Group will pay ₹32 bln to banks and debenture holders of IL&FS Financial Services Ltd as part of its interim distribution payout process, the company said in a press release. Of the total of ₹32 bln, about ₹22.5 bln will be paid to a combination of 28 state-owned, private and foreign banks, and 9.5 bln rupees to over 500 public debenture holders
The industry’s business model is set for an overhaul with the government expected to clarify which services an auditor can and cannot provide.
The Board had approved the transfer of these two assets under InvIT earlier this month.
It has also transferred receivables worth more than Rs 380 crore to the firm, through Axis Trustee Services.
The Group retained its overall resolution estimate at Rs 61,000 crore, representing 62 per cent of overall -- fund based and non-fund based -- debt of over Rs 99,000 crore as of October 2018.