Mumbai: IL&FS Group has completed the sale of its 26% stake in ONGC Tripura Power (OTPC) to Gayle 319 crores Rs. With this sale, IL&FS has resolved debt of Rs 3,656 crore out of total outstanding of Rs 99,000 crore of the group as of October 2018.
IL&FS held its 26% stake in OTPC through two subsidiaries – IL&FS Energy Development (IEDCL) holds 12% and IL&FS Financial Services (IFIN) holds 14%. This sale has helped the company to garner Rs 319 crore, which is worth Rs 1,227 crore to the company.
Post the sale, GAIL will hold 26% shareholder in OTPC ONGC at 50%, Indian Infrastructure Fund II at 23.5% and Government of Tripura at 0.5%.
OTPC is classified as a green company and has a total debt of around Rs 3,000 crore, which will continue to be repaid under the new shareholding.
IL&FS held its 26% stake in OTPC through two subsidiaries – IL&FS Energy Development (IEDCL) holds 12% and IL&FS Financial Services (IFIN) holds 14%. This sale has helped the company to garner Rs 319 crore, which is worth Rs 1,227 crore to the company.
Post the sale, GAIL will hold 26% shareholder in OTPC ONGC at 50%, Indian Infrastructure Fund II at 23.5% and Government of Tripura at 0.5%.
OTPC is classified as a green company and has a total debt of around Rs 3,000 crore, which will continue to be repaid under the new shareholding.
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