IndusInd BankNSE 1.17 % on Tuesday said it has terminated an agreement with IL&FS to buy 100 per cent stake in IL&FS Securities Services (ISSL).
In a filing to the BSE, the bank said the definitive share purchase agreement (SPA) — the deal which was already approved by the banking regulator RBI — stands terminated as all conditions precedent were not satisfied within the stipulated time period.
The debt laden IL&FS is looking to sell stakes in subsidiaries and assets to monetise and cut down debt, ET had reported on Monday.
The infrastructure finance company has a debt load of Rs 91,000 crore. It has approached NCLT under the Companies Act to propose a plan to resolve with creditors without going in for liquidation.
[“source=TimeOFIndia”]
