ITNL seeks EoI to sell stake in its rail bridge development arm

IL&FS Transportation Networks Ltd (ITNL) on Thursday sought Expressions of Interest (EoI) for the acquisition of its entire stake in GRICL Rail Bridge Development Company Ltd (GRBDCL).

ITNL is the promoter shareholder of GRBDCL and holds 100 per cent of the equity shares of the company.

An advertisement from IL&FS seeking EoIs for the sale reads: "Expressions of Interest (EoI) are invited for a potential acquisition of 100 per cent of the issued and outstanding shares of GRBDCL owned by ITNL."

It said that interested and eligible parties would have to submit their EoIs at 5 p.m. on January 16.

IL&FS reserves the right to suspend, modify or terminate the potential transaction at any time without providing reasons or incurring any liability to any party, the advertisement added.

As part of the crisis-ridden IL&FS Group's debt resolution process, the group along with its subsidiaries and group companies have taken to monetisation of several assets since it defaulted on its commercial papers in 2018.

Recently, in its 32nd Annual General Meeting (AGM) on December 31, IL&FS Group Chairman Uday Kotak said that the ongoing resolution process of the debt-ridden group is a "test case" for group-wide resolution of stressed assets in the country.

Resolution, restructuring and recovery formed the three vital pillars of the strategy adopted by the new board, he added.

In October 2018 the government had removed the sitting board members and installed a new board headed by Uday Kotak after the group defaulted on its loans.