IL&FS to re-launch stake sale process of ITPCL amid restructuring efforts

IL&FS will restart the stake sale process of ITPCL (IL&FS Tamil Nadu Power Co) alongside its ongoing restructuring efforts, with the new IL&FS board seeking to finalise a financial transaction advisor to facilitate the process. At present, ITPCL is restructuring its debt under the prudential framework for resolution of stressed assets guidelines of June 7, 2019 of RBI for which it has obtained a CRISIL RP-4 rating, with sustainable debt amounting to Rs 4,250 crore. The plan involves segregating the debt into sustainable and unsustainable categories to ensure its viability.

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