The IL&FS Group has completed the sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings of Philippines.
With this stake sale, IL&FS has resolved approx Rs 1,275 crore of its Group debt and completely exited the technology business. This transaction forms part of the overall IL&FS Group resolution estimate of Rs 61,000 crore.
This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, IL&FS said in a statement. TTL was formerly known as IL&FS Technologies Ltd. Falcon SG is a wholly-owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.
Apart from some foreign banks and institutions, State Bank of India, Axis Bank and Indian Bank were key Indian lenders to the company. The transaction would release corporate guarantees extended by various IL&FS Group entities. It will also facilitate reduction of 5 entities within the IL&FS Group: TTL and its four subsidiaries – Land Registration Systems Incorporation (LARES), IL&FS Technologies Philippines Incorporation (ITPI), LIVIA India Limited (LIL) and Bhopal e-Governance Limited (BEGL).
TTL is a global technology leader with more than a decade of experience in providing information technology solutions for efficient citizen service delivery and smart governance, through its customised solutions