IndusInd Bank on Tuesday announced that it has called off an agreement with IL&FS to buy 100 percent stake in IL&FS Securities Services (ISSL).
In its Bombay Stock Exchange filing, the bank informed that the definitive share purchase agreement (SPA) — the deal which was already approved by the Reserve Bank of India is terminated as all conditions precedent were not fulfilled within the stipulated time period.
This announcement is followed by reports that IL&FS is looking forward to rebidding IL&FS Securities Services Ltd (ISSL).
The IL&FS wants to sell stakes in subsidiaries and assets to monetise and bring down the level of its debt.
As per the industry reports, the infrastructure finance company has a debt load of Rs 91,000 crore. It approached National Company Law Tribunal under the Companies Act to propose a plan to resolve with creditors without going in for liquidation.