New Delhi: The sale was completed pursuant to the approval granted by the National Company Law Tribunal (NCLT), Principal Bench through an order dated August 31, 2020. The transaction provides positive equity value to IL&FS and resolves nearly Rs 650 crore of consolidated fund based and non-fund based financial debt, without any haircut to lenders.
FTPL has paid Rs 7.37 crore as equity value for shares of Schoolnet India Limited (SIL) held by IL&FS Limited and IL&FS Employee Welfare Trust, in addition to taking over SIL’s fund based and non-fund based financial debt of nearly Rs 650 crores.
Further, FTPL has also agreed to a deferred consideration of Rs 6.29 crore payable within 18 months from closure.
FTPL is a subsidiary of Lexington Equity Holdings Ltd (LEHL). LEHL already holds a 26.13 per cent stake in Schoolnet India.
Sale of SIL will reduce operating cost for the IL&FS Group by nearly 19 per cent. IL&FS Group holds 73.69 per cent stake in SIL. SIL holds 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two wholly owned subsidiaries, IL&FS Cluster Development Initiative Limited (ICDI) and Skill Training Assessment Management Partners Limited (STAMP).
