Canadian investor Brookfield AM has made an offer to purchase the headquarters of debt-laden financier IL&FS for Rs 1,100 crores. This is the highest offer received by the company for its 10-storied headquarters in Bandra Kurla Complex (BKC).
The building is currently mortgaged to HDFC for outstanding loans worth Rs 400 crores. The building is valued by the company at around Rs 1,200 crores. The sales proceeds will be used by the company to pay off its several debts.
However, Brookfield is not the only company who has shown interest in the company’s headquarters but Brookfield’s offer is the highest till date. IL&FS is monetising its assets to meet its debt obligations. The company had a total debt worth over Rs 99,000 crores in October 2018. However, the Uday Kotak led Board estimates an overall recovery of Rs 61,000 crores.
Highlight by Aman Agarwal.