Debt-ridden Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has completed sale of its 52.26 per cent stake in Terracis Technologies Ltd (TTL) to Falcon SG Holdings, (Philippines) Inc (Falcon SG).

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With this, the group has resolved close to Rs 1,275 crore of its debt and has completely exited the technology business, a release said.

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This is an equity positive transaction wherein the entire debt has been taken over by the new promoter, it said.

The transaction would release corporate guarantees extended by various IL&FS Group entities and will also facilitate reduction of five entities within the Group: TTL and its four subsidiaries ? Land Registration

Systems Incorporation (LARES), IL&FS Technologies Philippines Incorporation (ITPI), LIVIA India Ltd (LIL) and Bhopal e-Governance Ltd (BEGL).

With this transaction, over 200 employees within these companies would also now shift with the company to the new promoter, the release said.

TTL has more than a decade of experience in providing information technology solutions for efficient citizen service delivery and smart governance, through its customized solutions.

TTL was formerly known as IL&FS Technologies Ltd and Falcon SG is a wholly owned subsidiary Falcon Investments Pte Ltd, a part of Gateway Partners and Avenue Capital Group.

On Wednesday, the group said that it had completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC (IPTF) to VTTI Terminal I BV (VTTI). This transaction resolved the group's outstanding debt to the tune of Rs 757.79 crore.

Earlier this month, the IL&FS Board had announced that the group resolved over Rs 52,000 crore debt while maintaining its overall debt resolution estimate at Rs 61,000 crore. PTI HV MR