Mumbai: ILFS Investment Managers has drawn interest from Edelweiss, India Infoline and Altico Capital, an industry source close to development said.Edelweiss, Altico Capital and IIFL are among 10-12 companies that have shown interest in buying ILFS Investment Managers, said an executive, who did not wish to be named.ILFS owns 50 per cent in company.
The debt-laden group is seeking to sell six assets, including securities business.The companys shares are traded on BSE and has market 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 interests.Other than alternative investment fund management, ILFS has put up five assets for sale operation and maintenance business in 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.