IL&FS Selling its Entire Stake in CPG BPM Services; Invites EoIs
Moneylife Digital Team 11 November 2019
Debt-ridden Infrastructure Leasing & Financial Services Ltd (IL&FS) has invited expression of interest for selling its entire 59.18% stake in CPG BPM Services Pvt Ltd (erstwhile ISSL CPG BPO Pvt Ltd). 
In a notification, IL&FS says, "CPG has been approached by an interested party who has submitted a binding offer for the acquisition of 59.18% (fifty nine point one eight percent) of the issued, subscribed and paid up equity shares of CPG... Based on (progress) Reports filed with National Company Law Tribunal Mumbai (Special) Bench (NCLT), through the ministry of corporate affairs (MCA)... EoIs are being invited from interested parties for the potential transaction."
Founded in 2010, Bengaluru-headquartered CPG is a provider of process management and back office services and as promoter-shareholder IL&FS holds nearly 60% stake in the company. CPG handles about 0.15 to 0.21 million documents every month. CPG provides know-your-customer (KYC) and anti-money laundering (AML) services as well as audit of physical document, account opening form, validation, acceptance, scanning, data capture, archiving and business reports.
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