Beleaguered IL&FS' board to sell stake in 2 clearing services subsidiaries

The new board has requested NHAI and Ministry of Road Transport to settle claims filed by IL&FS' companies for concessions

The board of directors of Infrastructure Leasing and Financial Services (IL&FS) has decided to sell the firm's stake in IL&FS Securities Services (ISSL) and ISSL Settlement and Transaction Services (ISTSL). The two subsidiaries are engaged in professional clearing services and equity and other derivatives, and commodities derivatives services, respectively, said a company spokesperson. 

Arpwood Capital and JM Financial are the financial and transaction advisors, while Alvarez and Marsal are the resolution consultants. 

A statement from the board says they are "cognizant that these