IL&FS gets creditors’ approval for sale of education business
5 years, 2 months ago

IL&FS gets creditors’ approval for sale of education business

Live Mint  

IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd. Schoolnet India Ltd would be sold to CPPPL. According to a release, CPPPL's financial bid was approved by more than 78% of IL&FS's creditors, in terms of value, through an e-voting process that concluded on 5 November. The latter has 80% stake in IL&FS Skill Development Corporation and also has two subsidiaries — IL&FS Cluster Development Initiative and Skill Training Assessment Management Partners. Further, CPPPL has also made a binding offer to purchase the businesses, including certain business debt of the two subsidiaries of SIL — ICDI and STAMP for an additional consideration.

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History of this topic

IL&FS Concludes Stake Sale in Education Biz; Cuts Consolidated Debt by Over Rs 650 Crore
4 years, 4 months ago

IL&FS Concludes Stake Sale in Education Biz; Cuts Consolidated Debt by Over Rs 650 Crore

News 18  

Cash-strapped IL&FS Group on Wednesday said it has completed sale of its 73.69 per cent stake in education business, held under Schoolnet India Ltd, to Falafal Technologies. Falafal Technologies Pvt Ltd has paid Rs 7.37 crore as equity value for shares of SIL held by IL&FS Ltd and IL&FS Employee Welfare Trust, in addition to taking over SIL's fund based …

IL&FS gets creditors' approval for sale of education business to Career Point Publications
5 years, 2 months ago

IL&FS gets creditors' approval for sale of education business to Career Point Publications

Firstpost  

New Delhi: IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd. Schoolnet India Ltd would be sold to CPPPL. According to a release, CPPPL’s financial bid was approved by more than 78 percent of IL&FS’s creditors, in terms of value, through an e-voting process that concluded on …

Creditors approve sale of IL&FS’ education biz to Career Point
5 years, 2 months ago

Creditors approve sale of IL&FS’ education biz to Career Point

Live Mint  

Infrastructure Leasing and Financial Services Ltd on Tuesday said its committee of creditors has approved the sale of its education business Schoolnet India Ltd to Career Point Publications Pvt. The committee, which comprises all financial creditors of IL&FS, approved Career Point Publications’ bid with more than 78% votes through an e-voting process that concluded on 5 November, IL&FS Group said …

IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr
6 years ago

IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr

Firstpost  

The crippled infra lender is selling the group’s stake in IL&FS Education & Technology Services, along with other subsidiary businesses and IIML along with all its associated fund management platforms. Mumbai: Debt-laden Infrastructure Leasing & Financial Services Group on Thursday said that it has initiated a process to sell its stake in education business and in the alternative investment management …

A dozen suitors for IL&FS stake sale in two subsidiaries
6 years, 1 month ago

A dozen suitors for IL&FS stake sale in two subsidiaries

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services has received more than a dozen expressions of interest for acquiring the troubled financier’s stakes in subsidiaries IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd, the company said in a press release. “IL&FS has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution …

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