The board is now looking to resolve Rs 13,200 crore of additional debt by December 2020. This includes Rs 8,150 crore resolved through the proposed InvIT for which an ‘in-principle’ approval from Sebi
has been received.
“Resolution for Rs 10,000 crore, earlier communicated for achievement in Q3 FY21, is being moved to be achieved in subsequent periods”, the group said.
The spillover of Rs 7,300 crore debt, which was supposed to be addressed in Q2, will partly be addressed in Q3 and the rest in Q4. Around Rs 4,200 crore of the spillover debt will be addressed in Q3 and Rs 3,100 crore will be addressed in Q4.
Now, the revised target of debt resolution in Q3 is Rs 32,300 crore, against the earlier target of Rs 44,440 crore. In the March quarter, another Rs 18,000 crore debt will be resolved, leaving Rs 6,000 crore to be resolved beyond March 2021.
group, led by Uday Kotak, is now looking to resolve Rs 56,300 crore debt, which is more than 50 per cent of the total debt of the group, against an earlier target of Rs 57,240 crore.
The number of entities of the group resolved as of September 2020 stands at 173 - that is half the original number of 347 entities of the IL&FS
Group. Elsamex S.A. an IL&FS Group company with 100 step down subsidiaries, was admitted into insolvency during September 2020 quarter, thus contributing to the substantial reduction in the number of entities of the IL&FS Group.