Mutual Fund

IL&FS total defaults till date stand at Rs 46.4 bn, up 22% from Sept end

Infrastructure Leasing and Financial Services (IL&FS), the beleaguered non-banking financial company (NBFC), has defaulted on Rs 46.4 billion worth of debt obligations till date. The latest default, reported by the company on November 19, was in lieu of two short-term deposit repayments to the tune of around Rs 573 million. On Monday, the company said, it had defaulted on principal and interest payments worth Rs 3 billion in respect to deposits from the Micro Units Development and Refinance Agency (MUDRA). The defaults on debt obligations by the infrastructure-financier began in June of this year, when IL&FS defaulted on inter-corporate deposits (ICDs) and commercial papers (CPs) worth Rs 4.5 billion. By the end of September 2018, IL&FS’ subsidiaries like IL&FS Transportation Networks (ITNL) and IL&FS Financial Services, had defaulted on over Rs 38 billion worth of ICDs and CPs. According to Prime database, IL&FS had to repay Rs 18.06 billion non-convertible debentures (NCDs), bonds and CPs between October 2018 and March 2019.

Leave a Reply

Your email address will not be published.