• Deccan Chronicle
  • Andhra Bhoomi
  • Asian Age
  • ePaper
  •  Auto Refresh
Home

ePaper
Last Updated:06:34 PM IST | Saturday, Dec 14, 2019
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Menu
  • Home
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
Home > Companies > IL&FS gets creditors' approval for sale of education business
Companies
IL&FS gets creditors' approval for sale of education business
By  
PTI   , Published : Nov 12, 2019, 3:25 pm IST | Updated : Nov 12, 2019, 3:25 pm IST

The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore.

IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL).
IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL).

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 (CPPPL).

Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL.

The Committee of Creditors (CoC) represents all the financial creditors to IL&FS Ltd, the holding company of the IL&FS Group. According to a release, CPPPL's financial bid was approved by more than 78 per cent of IL&FS's creditors, in terms of value, through an e-voting process that concluded on November 5. Sources said the outstanding debt for this business amounts to Rs 600-650 crore.

The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore.

IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL). The latter has 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries -- IL&FS Cluster Development Initiative (ICDI) and Skill Training Assessment Management Partners (STAMP).

The sale was approved by IL&FS board on November 7. Under the resolution framework for IL&FS, approval of Justice (Retd) D K Jain would be sought for the deal before approaching the National Company Law Tribunal for clearance. The release said CPPPL made a binding offer, at an implied enterprise value, whereby it shall assume responsibility for all the debt of SIL and ISDC in addition to paying a certain amount towards purchase of SIL's equity.

"As part of this transaction, CPPPL will also get ownership of 80 per cent stake in ISDC held by SIL," it added. 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. SIL provides edu-tech services to K-12 schools and students through proprietary digital content, devices, platforms and solutions.

ISDC offers job-linked vocational programmes for youth while ICDI provides advisory and management services to central and state governments, among others, for development of common infrastructure and facilities in industrial clusters. STAMP provides assessment solutions for students, job seekers and working professionals.

end-of
Tags: 
il&fs, education
Location: 
India, Delhi, New Delhi
Latest From Companies
ATL has received the LoI from MSETCL to build, own, operate and maintain a transmission project in Maharashtra for a period of 35 years, a company statement said.

Adani Transmission gets LoI for project in Maharashtra

According to reports, Vodafone Idea may raise over USD 2.5 billion from asset sales ahead of a January deadline to pay statutory dues. The company is said to be in talks to sell its optic fibre business to Brookfield Asset Management Inc and its datacentre to the Edelweiss Group.

Vodafone Idea shares gain over 8 pc amid asset sale plan

Efforts are also being undertaken to increase our exports to emerging markets of Africa, Latin America through PTAs/FTAs (preferential/free trade agreements),

Efforts being made to boost exports: Minister

Most Popular

Mukesh Ambani 9th richest on Forbes' real-time billionaires list
Top credit card myths harmful for your financial well-being
Microsoft CEO Satya Nadella tops Fortune's Businessperson of the Year 2019
Employment growth slowed down in last two years: report
GST structure: key challenges and its solutions

Editor's Picks

Income tax e-filers drop by over 6.6 lakh in FY19: Official data
Swiping on your smartphone reveals a lot about you to your social media company
  • Read Financial Chronicle as it appears in print.
  • Subscribe, and get it delivered in the inbox everyday.
  • Politics, Plan And Policy
  • Markets
  • Companies
  • Economy
  • In Other News
  • Autos
  • Just In
  • Home
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Guidelines
  • Copyright © 2019 Financial Chronicle, All rights reserved
Developed & Maintained By Daksham