INSUBCONTINENT EXCLUSIVE:
Mumbai: ILFS Investment Managers has drawn interest from Edelweiss, India Infoline and Altico Capital, an industry source close to
capitalisation of Rs 200 crore.
In its status report to National Company Law Tribunal (NCLT), new board has said it is working on resolution
of ILFS group through certain measures, including asset divestments.
ILFS declined to comment
Edelweiss, Altico Capital and IIFL did not respond to email queries.
The alternate investment fund manager offers fund management services
through fund management vehicles for several private equity funds
It manages private equity funds, infrastructure debt funds, etc, with total assets under management of Rs 13,340 crore.
The fund management
service for infrastructure debt funds has total assets under management of Rs 2,285 crore
It includes fund management services for a proposed urban infrastructure development fund of government of Andhra Pradesh, with a target
corpus of Rs 5,000 crore, along with a provision for providing project management services to urban infrastructure projects in Andhra
Pradesh.
In December, company initiated two separate processes to sell stake in Alternative Investment Management business by inviting
US, education, domestic roads vertical, renewable energy and securities services.
Private sector banks including HDFC Bank and Axis Bank
have previously shown interest in buying securities business of ILFS.
The board has appointed Arpwood Capital and JM Financial as financial
and transaction advisors, along with Alvarez Marsal as Resolution Consultants.
