IL&FS has completed an interim distribution pay-out of Rs 1,273 crore for Rapid MetroRail Gurgaon South Ltd (RMGSL), an IL&FS Group company.

Of this pay-out, Rs 1,252 crore has been paid to secured financial creditors, IL&FS said in a statement.

The total claims of secured financial creditors – including Canara Bank, Union Bank of India, Central Bank of India, Punjab & Sind Bank and India International Finance Company Limited (UK) – in RMGSL was Rs 1,546 crore, it added. 

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The distribution translates into a recovery of around 81 per cent to these secured financial creditors, the statement said.

The four PSU banks have got over 75 per cent of the pay-out.

The IL&FS board approved the pay-out in its board meeting held last month.

Rapid Metro Gurgaon Ltd

IL&FS said it has already completed interim distribution of Rs 623.3 crore for Rapid Metro Gurgaon Ltd (RMGL), translating into 83 per cent recovery for secured financial creditors, as against their total claims of Rs 752 crore.

RMGSL and RMGL have also completed pay-out to unsecured creditors.

On an aggregate basis, the group has now paid around Rs 1,908 crore on an interim basis to creditors in these two companies, it added.

IL&FS proposes to distribute an aggregate amount of Rs 16,361 crore across select group companies under the interim distribution framework.

The proposed distribution includes Rs 11,296 crore of cash and Rs 5,065 crore of Invit units, and will be undertaken in line with the framework approved by NCLAT in June 2022.

IL&FS said the board had announced that a significant part (Rs 55,000 crore) of the overall resolution (of Rs 61,000 crore) would be completed by this fiscal (subject to approvals).