India: IL&FS to launch its infrastructure investment trust soon

Photo: Reuters

Infrastructure Leasing and Financial Services (IL&FS) will launch its infrastructure investment trust (InvIT) soon, wherein it will convert the debt owed to banks in 10 road projects into units of the trust. The InvIT has received all approvals for the launch, a source close to the development told Mint.

“IL&FS has got the approval from its committee of creditors for its InvIT. It has also completed the green channel filing with the Competition Commission of India and obtained the final registration from the Securities and Exchange Board of India (Sebi). It will make a formal announcement soon,” the person mentioned above said.

An IL&FS spokesperson confirmed the development.

The units of the InvIT are expected to be distributed to lenders, including State Bank of India, Punjab National Bank, Canara Bank, Bank of India, and Indian Overseas Bank. The company did not provide details on how the InvIT will be structured or listed.

The aggregate value of debt being addressed is pegged at Rs56,300 crore, the company said. Of this, more than Rs50,000 crore is likely to be addressed by March 2021.

The delay has been mainly “on account of the significant impact of covid-19, which has added time and logistical complexities in the process of completing discussions with stakeholders and in obtaining approvals from lenders, regulators, and judicial authorities”, the company said.

This article was first published on livemint.com.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.