“IL&FS in its board meeting on Saturday appointed global professional services firm Alvarez & Marsal to prepare a comprehensive restructuring plan for the group,” the Business Standard reported.
Among the individual stocks, IL&FS Engineering and Construction Company have locked in upper circuit of 20% at Rs 16.02 on the BSE. IL&FS Transportation Networks (ITNL) was frozen 20% at Rs 27.05, while IL&FS Investment Managers locked upper circuit of 10% at Rs 8.58 on the BSE. All these stocks hit their multi-year lows during last month, following serial defaults by the IL&FS and its subsidiaries to lenders.
IL&FS has also moved the NCLT Mumbai seeking to restructure its debt under Section 230 of the Companies Act 2013. IL&FS shareholders led by LIC has decided to chip in Rs 45 billion via its rights issue, which is expected to close by October end.