Infrastructure Leasing & Financial Services Limited (IL&FS) has completed the sale of its 50% stake in Gujarat International Finance Tec-City (GIFT City). These stakes were bought by the Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government, at an amount of Rs 32.71 crore. The stake sale took place after the approval from the National Company Law Tribunal (NCLT). IL&FS has received Rs 32.71 crore as equity value for shares.
Selling of stakes to Gujarat government has helped the IL&FS group in reducing its debt by Rs 1,230 crore. Its current outstanding debt is around Rs 94,000 crore. Gujarat International Finance Tec-City Company Ltd (GIFTCL) is active in the business of real estate development.