IL&FS Engineering to pare debt after asset sale

IL&FS Engineering and Construction Company plans to redeem its optionally convertible redeemable preference shares and non-convertible shares and reduce debt by more than Rs 3 billion following the sale of its Bangalore Elevated Tollway (BETPL) to private equity firm KKR.
The PE firm completed the acquisition of a 100 per cent stake in BETPL at an enterprise value of Rs 5.45 billion via Galaxy II, a wholly-owned subsidiary of Galaxy Investments, owned by KKR.