The IL&FS Group on Wednesday completed the sale of a 73.69% stake in its education business, held under Schoolnet India (SIL), to Falafal Technologies (FTPL).
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, the company said.
The sale was completed pursuant to the approval granted by the National Company Law Tribunal’s principal bench through its order dated August 31. FTPL has paid Rs 7.37 crore as equity value for the shares of SIL held by IL&FS 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 crore. FTPL has also agreed to a deferred consideration of Rs 6.29 crore payable within