<p>Debt-laden IL&FS on Monday said it has completed the sale of its 50 per cent stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government, generating over Rs 32 crore for its equity value and also reducing its consolidated debt by more than Rs 1,200 crore.</p>.<p>The stake in GIFT City was bought by Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government.</p>.<p>"IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration," the group said in a press release.</p>.<p>IL&FS further said the sale will additionally reduce its consolidated debt by Rs 1,230 crore. The group's current outstanding debt is over Rs 94,000 crore.</p>.<p>The stake sale was approved by the National Company Law Tribunal (NCLT) last month.</p>.<p>GUDCL, as the joint venture partner and the owner of the balance 50 per cent stake in Gujarat International Finance Tec-City Company Ltd (GIFTCL), offered to purchase IL&FS's share in GIFTCL through exercise of a contemplated right of first refusal under the joint venture agreement.</p>.<p>As per the resolution framework for IL&FS Group, the offer by GUDCL was placed before the committee of creditors (CoC) of the group for its approval, the release said.</p>.<p>Almost 80.09 per cent (by value) of the CoC voted in favour of the proposal, it said.</p>.<p>GIFTCL is engaged in the business of real estate development and is developing an international financial services city in the Ahmedabad-Gandhinagar region, including design, development, financing, operation and maintenance of the same.</p>
<p>Debt-laden IL&FS on Monday said it has completed the sale of its 50 per cent stake in Gujarat International Finance Tec-City (GIFT City) to the Gujarat government, generating over Rs 32 crore for its equity value and also reducing its consolidated debt by more than Rs 1,200 crore.</p>.<p>The stake in GIFT City was bought by Gujarat Urban Development Company Ltd (GUDCL), on behalf of the Gujarat government.</p>.<p>"IL&FS has duly received Rs 32.71 crore as equity value for shares as a sale consideration," the group said in a press release.</p>.<p>IL&FS further said the sale will additionally reduce its consolidated debt by Rs 1,230 crore. The group's current outstanding debt is over Rs 94,000 crore.</p>.<p>The stake sale was approved by the National Company Law Tribunal (NCLT) last month.</p>.<p>GUDCL, as the joint venture partner and the owner of the balance 50 per cent stake in Gujarat International Finance Tec-City Company Ltd (GIFTCL), offered to purchase IL&FS's share in GIFTCL through exercise of a contemplated right of first refusal under the joint venture agreement.</p>.<p>As per the resolution framework for IL&FS Group, the offer by GUDCL was placed before the committee of creditors (CoC) of the group for its approval, the release said.</p>.<p>Almost 80.09 per cent (by value) of the CoC voted in favour of the proposal, it said.</p>.<p>GIFTCL is engaged in the business of real estate development and is developing an international financial services city in the Ahmedabad-Gandhinagar region, including design, development, financing, operation and maintenance of the same.</p>