IL&FS sells 52.26% stake in Terracis Tech, resolves Rs 1,275 cr loans

The IL&FS Group has completed the sale of its 52.26 per cent stake in Terracis Technologies Limited (TTL) to Falcon SG Holdings of Philippines.

With this stake sale, IL&FS has resolved approx Rs 1,275 crore of its Group debt and completely exited the technology business. This transaction forms part of the overall IL&FS Group resolution estimate of Rs 61,000 crore.

This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, IL&FS said in a statement. TTL was formerly known as IL&FS Technologies Ltd. Falcon SG is a wholly-owned subsidiary of Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.