IL&FS sells 50% stake in GIFT city to Gujarat govt for Rs 33 crore
Debt-laden IL&FS on Monday said it has completed the sale of its 50 per cent stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government for Rs 32.71 crore.
The stake sale will help the group reduce its debt by Rs 1,230 crore. The group’s current outstanding debt is around Rs 94,000 crore.
IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration, news agency PTI reported.
The stake sale was approved by the National Company Law Tribunal (NCLT) last month.
The stake in GIFT City was bought by Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government.
