IL&FS road SPV lenders stare at huge haircuts
Mumbai: Lenders to the road projects of IL&FS are staring at haircuts of more than Rs 4,500 crore, with bids for these assets trailing the loans advanced to units of the embattled infrastructure financier. IL&FS has received bids worth Rs 13,000 crore for its 10 road assets against collective debt of Rs 17,700 crore.
In total, IL&FS received 14 bids for one green entity, five Amber entities and four red entities, according to affidavits seen by ET.
Debt reduction will depend on the consensus among the lenders to the quantum of haircut.
