The stake sale was approved by the National Company Law Tribunal (NCLT) last month.
GUDCL, as the joint venture partner and the owner of the balance 50 per cent stake in Gujarat International Finance Tec-City Company Ltd (GIFTCL), offered to purchase IL&FS's share in GIFTCL through exercise of a contemplated right of first refusal under the joint venture agreement.
As per the resolution framework for IL&FS
Group, the offer by GUDCL was placed before the committee of creditors (CoC) of the group for its approval, the release said.
Almost 80.09 per cent (by value) of the CoC voted in favour of the proposal, it said.
GIFTCL is engaged in the business of real estate development and is developing an international financial services city in the Ahmedabad-Gandhinagar region, including design, development, financing, operation and maintenance of the same.