Cash-strapped IL&FS gets over 30 expressions of interests for sale of its domestic roads vertical
6 years ago

Cash-strapped IL&FS gets over 30 expressions of interests for sale of its domestic roads vertical

Firstpost  

Debt-ridden Infrastructure Leasing & Financial Services on Thursday said it has received more than 30 expressions of interest for acquiring its stakes in its 22 assets across its domestic road vertical as a part of its asset monetisation plan New Delhi: Debt-ridden Infrastructure Leasing & Financial Services on Thursday said it has received more than 30 expressions of interest for acquiring its stakes in its 22 assets across its domestic road vertical as a part of its asset monetisation plan. “IL&FS has received a strong response to the asset monetisation process for the domestic roads vertical housed under its subsidiary, IL&FS Transportation Networks. More than 30 expressions of interest were received for acquiring IL&FS’ interests in its 22 assets across its domestic road vertical,” IL&FS Transportation Networks, a group company of the troubled IL&FS group, said in a BSE filing. The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since 27 August.

Interest Received Asset Its Domestic Road Its 22 Assets  ilfs  vertical  received  group  domestic  30  rs  sale  interest  assets  cashstrapped  gets  asset  monetisation  interests  roads  expressions

History of this topic

Stocks to Watch: SBI, Coal India, Future Retail, Eicher Motors, telcos
2 years, 11 months ago

Stocks to Watch: SBI, Coal India, Future Retail, Eicher Motors, telcos

Live Mint  

NEW DELHI: Here are the top 10 stocks that could be in focus on Monday: State Bank of India: The country's largest lender expects to recover around ₹8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal ending 31 March. Future Retail: Lenders to Future group have agreed to halt the sale of Future Retail Ltd’s …

IL&FS Concludes Stake Sale in Education Biz; Cuts Consolidated Debt by Over Rs 650 Crore
4 years, 4 months ago

IL&FS Concludes Stake Sale in Education Biz; Cuts Consolidated Debt by Over Rs 650 Crore

News 18  

Cash-strapped IL&FS Group on Wednesday said it has completed sale of its 73.69 per cent stake in education business, held under Schoolnet India Ltd, to Falafal Technologies. Falafal Technologies Pvt Ltd has paid Rs 7.37 crore as equity value for shares of SIL held by IL&FS Ltd and IL&FS Employee Welfare Trust, in addition to taking over SIL's fund based …

IL&FS says aims to resolve nearly 60% of debt despite pandemic delays
4 years, 5 months ago

IL&FS says aims to resolve nearly 60% of debt despite pandemic delays

Live Mint  

Infrastructure Leasing & Financial Services said on Monday it expected to resolve about 57% of its near trillion rupee debt pile even as the pandemic delayed the resolution process in some of the group companies. About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% …

IL&FS Transportation Incurs Rs 17,000 cr Standalone Loss in FY20
4 years, 7 months ago

IL&FS Transportation Incurs Rs 17,000 cr Standalone Loss in FY20

News 18  

IL&FS Transportation Networks, a group company of the troubled IL&FS Group, on Friday reported a standalone loss of Rs 17,000.32 crore for fiscal year 2019-20, amid COVID-19 disruptions. The company had clocked a standalone profit of Rs 251.76 crore during the fiscal 2018-19, it said in a regulatory filing. During the last fiscal, the company saw a sharp decline in …

IL&FS to address major portion of outstanding debt by July, says Uday Kotak
5 years ago

IL&FS to address major portion of outstanding debt by July, says Uday Kotak

Live Mint  

IL&FS Group is working towards addressing a 'significant portion' of the outstanding debt of ₹94,000 crore by July 2020, its chairman Uday Kotak said on Tuesday. "He said the group has received binding bid for Chinese road asset that will resolve nearly ₹1,600 crore debt and additional ₹980 crore towards equity value for the shareholding entity. The group has sold …

IL&FS group firms to sell 494 acres land to pare debt
5 years, 3 months ago

IL&FS group firms to sell 494 acres land to pare debt

Live Mint  

Cash-strapped IL&FS along with its two arms has decided to sell a total of 494 acre land parcels in three states in a bid to generate capital and pare debt. IL&FS, IL&FS Township & Urban Assets and IL&FS Engineering and Construction Co currently hold 9%, 40% and 31% stakes, respectively in Hill County Properties Ltd, IL&FS group said in a …

IL&FS receives bids of Rs 13,000 crore for 10 road assets
5 years, 4 months ago

IL&FS receives bids of Rs 13,000 crore for 10 road assets

India TV News  

Crisis-ridden infrastructure financing major IL&FS has received binding financial offers totalling nearly Rs 13,000 crore for 10 of its domestic road assets. In addition to this, the IL&FS Group entities continue to hold rights to receive claims with gross value of over Rs 1,900 crore filed with various concession authorities in respect of these assets. "The combined value of bids …

IL&FS fraud case: Whistle-blower sought to uncover scam in 2017, but management covered it up
5 years, 7 months ago

IL&FS fraud case: Whistle-blower sought to uncover scam in 2017, but management covered it up

Firstpost  

The scam at IL&FS came to light last year after several group entities defaulted on repayments due to severe liquidity problems. New Delhi: The long-running fraudulent activities at crisis-ridden IL&FS could have come to light much earlier in 2017, but for a cover-up job done by the top management in connivance with the independent directors on a whistleblower complaint, an …

Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group companies: Govt
5 years, 7 months ago

Sale of 10 IL&FS entities underway; board to adopt asset level resolution for group companies: Govt

Firstpost  

The board of IL&FS, which has to repay over Rs 90,000 crore to lenders, has decided to adopt an “asset level resolution” with regard to various group companies and entities. New Delhi: The resolution process for 10 profitable IL&FS group companies, having total debt of Rs 11,564 crore, is underway, the government informed the National Company Law Appellate Tribunal said …

IL&FS Mutual Fund pays ₹314 crore to debt fund investors
5 years, 8 months ago

IL&FS Mutual Fund pays ₹314 crore to debt fund investors

Live Mint  

IL&FS Mutual Fund Tuesday paid ₹314 crore to investors in one of its infrastructure debt fund, making on-time redemption, according to a release. The money was paid to investors in IL&FS Mutual Fund's first debt fund series -- IL&FS Infrastructure Debt Fund Series 1-A -- that is due Tuesday. Two funds in the same series -- IL&FS Infrastructure Debt Fund …

IL&FS group to receive first set of bids under asset monetisation process tomorrow
5 years, 9 months ago

IL&FS group to receive first set of bids under asset monetisation process tomorrow

Firstpost  

IL&FS group, which is sitting on the debt of about ₹94,000 crore debt, had decided to sell assets in various verticals New Delhi: Cash-strapped IL&FS group will receive first set of bids under asset monetisation process on Monday as part of resolution process, according to sources. IL&FS board will later consider bids for 8,000 crore renewable energy business that was …

Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace
5 years, 11 months ago

Govt to seek special dispensation from RBI to defer provisioning of loans to IL&FS group firms; asset monetisation gains pace

Firstpost  

Following the crisis at IL&FS late last year that raised concerns over liquidity in the system, the corporate affairs ministry had superseded its board. New Delhi: The government will soon approach the Reserve Bank of India seeking a special dispensation for deferment of provisioning requirements for bank loans extended to some IL&FS group firms amid ongoing efforts to monetise assets …

NCLAT wants IL&FS asset sales monitored by a former SC judge
6 years ago

NCLAT wants IL&FS asset sales monitored by a former SC judge

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Friday suggested that all further proceedings for the transfer of assets of debt-laden Infrastructure Leasing and Financial Services Ltd should take place under the supervision of a retired Supreme Court judge. “The appellate tribunal will suggest to the government and IL&FS to get the matter supervised by a retired Supreme Court …

30 suitors line up for IL&FS road asset sale
6 years ago

30 suitors line up for IL&FS road asset sale

Live Mint  

Mumbai: Infrastructure Leasing and Financial Services Ltd has received over 30 expressions of interest for its road assets, which are being scrutinised, the infrastructure financier said on Wednesday in a press note. The road assets, classified under IL&FS’s domestic roads vertical and include the engineering, procurement and construction and operation and maintenance businesses, were put on sale as part of …

IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr
6 years ago

IL&FS to sell stake in education, wealth management arms; firm's financial services subsidiary defaults term loan of Rs 100 cr

Firstpost  

The crippled infra lender is selling the group’s stake in IL&FS Education & Technology Services, along with other subsidiary businesses and IIML along with all its associated fund management platforms. Mumbai: Debt-laden Infrastructure Leasing & Financial Services Group on Thursday said that it has initiated a process to sell its stake in education business and in the alternative investment management …

IL&FS group cos' shares climb up to 10% on divestment initiative to raise funds
6 years ago

IL&FS group cos' shares climb up to 10% on divestment initiative to raise funds

Firstpost  

New Delh: Shares of IL&FS group companies surged up to 10 percent on Tuesday as it announced its plan to sell equity stakes in its road assets to raise funds. On Monday, Infrastructure Leasing & Financial Services group, which sits on a debt pile of about Rs 90,000 crore, said it will sell equity stakes in its road assets to …

More IL&FS defaults in store as subsidiaries face cash crunch
6 years, 1 month ago

More IL&FS defaults in store as subsidiaries face cash crunch

Live Mint  

Mumbai: More defaults by stressed financier Infrastructure Leasing and Financial Services and its subsidiaries are a distinct possibility as several entities within the group are facing operational cash gaps till 31 March, according to the latest progress report from the company. In the Second Report on Progress and Way Forward, submitted to the National Company Law Tribunal in Mumbai on …

Single solution for IL&FS crisis, debt not possible, NCLT told
6 years, 1 month ago

Single solution for IL&FS crisis, debt not possible, NCLT told

Live Mint  

Mumbai: In its latest status report to the National Company Law Tribunal, the new board of Infrastructure Leasing and Financial Services has said that finding a single solution for the IL&FS crisis and its ₹ 91,000 crore of debt is not possible. The only options left, the IL&FS board said, was hiving off and selling entire business verticals to willing …

A dozen suitors for IL&FS stake sale in two subsidiaries
6 years, 1 month ago

A dozen suitors for IL&FS stake sale in two subsidiaries

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services has received more than a dozen expressions of interest for acquiring the troubled financier’s stakes in subsidiaries IL&FS Securities Services Ltd and ISSL Settlement & Transaction Services Ltd, the company said in a press release. “IL&FS has received a strong response to its asset monetization process, initiated a fortnight ago, towards developing a resolution …

IL&FS crisis: 10 group firms to be up for sale
6 years, 1 month ago

IL&FS crisis: 10 group firms to be up for sale

Live Mint  

New Delhi: Eight to 10 subsidiaries of Infrastructure Leasing and Financial Services Ltd will be up for sale shortly as its state-appointed board of directors explores a turnaround scheme involving the sale of group companies. The planned sale indicates IL&FS is now going full steam in monetising key group entities, which are not able to service debt as part of …

IL&FS board invites buyers for stake in two of its subsidiaries
6 years, 2 months ago

IL&FS board invites buyers for stake in two of its subsidiaries

Live Mint  

Mumbai: The government-appointed board of Infrastructure Leasing and Financial Services Ltd has started the process to sell some of its assets to help pare the company’s debt. IL&FS will solicit expressions of interest in two assets engaged in the securities services business—IL&FS Securities Services Ltd, a clearing member in equity and other derivatives; and ISSL Settlement & Transaction Services Ltd, …

IL&FS crisis impact: Corporates return to banks for loans
6 years, 2 months ago

IL&FS crisis impact: Corporates return to banks for loans

Live Mint  

Mumbai: The tide seems to have turned in favour of commercial banks: the liquidity crunch following the IL&FS crisis has pushed corporate borrowers away from the bond markets, back to banks. Gupta said that as rate transmission in the bond market is quicker than in bank lending rates, the former has gone up following interest rate hikes, while the latter …

IL&FS crisis: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos
6 years, 2 months ago

IL&FS crisis: Govt appointed board hints at corruption by past management; to conduct special audit of key group of cos

Firstpost  

The new IL&FS board pegged the total debt of the group by over Rs 3,000 crore at Rs 94,215.6 crore as of 8 October Mumbai: The Uday Kotak-led government appointed board of crippled infra lender Infrastructure Leasing and Financial Services group on Wednesday informed government and National Company Law Tribunal that it expects to complete the resolution process in stages …

Govt outlines three options for IL&FS revival
6 years, 2 months ago

Govt outlines three options for IL&FS revival

Live Mint  

Mumbai: The government has submitted a broad revival plan for Infrastructure Leasing and Financial Services Ltd where it is considering three options, including resolution at the group level, sale of business verticals, or the sale of individual assets. “The new board’s current assessment is that the resolution options could broadly involve significant capital infusion, divestments, and debt restructurings at an …

IL&FS board to moot sale of assets
6 years, 2 months ago

IL&FS board to moot sale of assets

Live Mint  

New Delhi: The tentative turnaround scheme for Infrastructure Leasing & Financial Services Ltd that its state-appointed board of directors will present to the Mumbai bench of the National Company Law Tribunal on Wednesday will focus on quick disposal of certain assets for which there are takers and leave projects that are servicing debt untouched. “The idea is to reach for …

Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis
6 years, 2 months ago

Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis

Firstpost  

The government, in a rare move, took control of IL&FS this month after the company defaulted on some of its debt, triggering fears of contagion across India’s financial system. New Delhi: The government is considering putting Infrastructure Leasing and Financial Service Ltd up for sale or divesting some of its assets as it seeks to end the company’s debt crisis, …

Government weighs outright sale of crisis-hit IL&FS
6 years, 2 months ago

Government weighs outright sale of crisis-hit IL&FS

Live Mint  

New Delhi: India is examining options including an outright sale of Infrastructure Leasing and Financial Services Ltd, a person with knowledge of the matter said, as the government tries to stem defaults at the lender with $12.6 billion of debt. IL&FS hasn’t stopped missing payments even after the government sacked the lender’s board and pledged to stem defaults. The lender’s …

IL&FS Transportation Networks to divest stake in some road projects to ease liquidity crunch
6 years, 2 months ago

IL&FS Transportation Networks to divest stake in some road projects to ease liquidity crunch

Firstpost  

IL&FS and its subsidiaries have defaulted on several debt repayments recently due to a liquidity crisis. New Delhi: IL&FS Transportation Networks, a group company of Infrastructure Leasing and Financial Services, on Thursday said it proposes to divest its stake in certain road projects to ease liquidity concerns. According to a regulatory filing, the board considered the proposal for divestment of …

IL&FS revival plan could include stake sales: Report
6 years, 2 months ago

IL&FS revival plan could include stake sales: Report

Live Mint  

New Delhi/Mumbai: The new board of debt-laden Infrastructure Leasing and Financial Services will come up with a revival plan for the lender that could include selling stakes in some of its businesses, an Indian government official said. Malik declined to comment.NextMAds The official said state-controlled Life Insurance Corp of India, which holds a 25.34% stake in IL&FS, could pump more …

Cash-strapped IL&FS wants government to bail it out
6 years, 2 months ago

Cash-strapped IL&FS wants government to bail it out

Live Mint  

Mumbai: The Union government may have to bailout cash-strapped Infrastructure Leasing and Financial Services, if latest discussions between the group’s board and the government are any indication, according to three people familiar with the development. IL&FS’s plan to raise ₹ 4,500 crore through a rights issue that closed on Friday devolved, the second of the three people cited earlier said …

Opinion | IL&FS built a road to riches, for some
6 years, 3 months ago

Opinion | IL&FS built a road to riches, for some

Live Mint  

It was buried in plain sight, in footnote No. The IL&FS Employees’ Welfare Trust, which owns 12% of unlisted parent Infrastructure Leasing & Financial Services Ltd., benefited a small group of senior staff. The trust’s dealings were ignored by everyone, perhaps in the hope that the institutions that owned IL&FS — including India’s Life Insurance Corp., Japan’s Orix Corp. and …

IL&FS saga: What is the lowdown on bailout after default?
6 years, 3 months ago

IL&FS saga: What is the lowdown on bailout after default?

The Hindu  

It all started with a default in August on a ₹1,000 crore short-term loan extended by the Small Industries Development Bank of India that led to a trail of several defaults in following weeks. The crisis at the company may have become pronounced in the current financial year, but trouble had been brewing since 2016 when banks went slow on …

Road to ruin
6 years, 3 months ago

Road to ruin

The Hindu  

ON October 1, after dithering for weeks following a string of defaults that threatened Indian financial markets and institutions, the Union government announced that it was taking control of the beleaguered Infrastructure Leasing & Financial Services Ltd. Given the completely opaque nature of the company’s functioning and the complex web of interrelated entities that constitute the group, the general consensus …

IL&FS: Emerging India's very own robber baron'
6 years, 3 months ago

IL&FS: Emerging India's very own robber baron'

Deccan Chronicle  

India is deservedly an “emerging market”. Just like in China, where public entities boost private profits, the Life Insurance Corporation of India, a public sector insurer, with assets in excess of Rs 25 trillion, chose to become IL&FS’ equity investor with a 25.3 per cent share. In it’s heyday, IL&FS was a private company with chutzpah — the darling of …

IL&FS misses more debt payments
6 years, 3 months ago

IL&FS misses more debt payments

Live Mint  

Mumbai/Singapore: Infrastructure Leasing & Financial Services Ltd. is missing more debt obligations, even as the Indian government pledged to prevent further defaults, underscoring the challenges its new board faces in fixing the firm’s mounting debt problems. “This amount is peanuts in the big picture, that’s how bad the situation is at the group,” said Rajiv Kochhar, chief executive officer of …

Not stepping down from Maruti board over IL&FS crisis, says R.C. Bhargava
6 years, 3 months ago

Not stepping down from Maruti board over IL&FS crisis, says R.C. Bhargava

Live Mint  

New Delhi: Maruti Suzuki Chairman R.C. Bhargava, ex-director of crisis-hit IL&FS, Thursday ruled out resigning from the board of the auto major, stating as per the law a director needs to step down only when “something is established against” him. He also said at least for the last three to four years, the management and the board of IL&FS had …

The untold tale behind government’s shock takeover of IL&FS
6 years, 3 months ago

The untold tale behind government’s shock takeover of IL&FS

Live Mint  

Mumbai: With the future stability of the Indian financial system on the line, executives running a giant infrastructure lender gathered at the company’s glassy, modernist headquarters in Mumbai and hammered out an ambitious restructuring plan last Saturday to manage a $12.6 billion debt burden after a string of defaults. Jaitley’s team on Sunday sent a confidential note to the Ministry …

Govt’s rescue of IL&FS may spell major losses for lenders
6 years, 3 months ago

Govt’s rescue of IL&FS may spell major losses for lenders

Live Mint  

New Delhi/Mumbai: The government’s move to take control of debt-laden Infrastructure Leasing and Financial Services will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters. But IL&FS had compromised on corporate governance and risk management norms, the government told the National Company Law Tribunal on Monday as it explained why it intended …

Contagion no longer the biggest problem in IL&FS saga
6 years, 3 months ago

Contagion no longer the biggest problem in IL&FS saga

Live Mint  

Mumbai/Hong Kong: The government’s shock seizure of a troubled shadow bank on Monday means contagion’s off the table. The government’s move on IL&FS is “a step in the right direction and will calm investor nerves to some extent,’ said Lakshmi Iyer, chief investment officer of debt at Mumbai-based Kotak Mahindra Asset Management Co. In terms of ending the contagion risk …

IL&FS asset sale plan hangs in the balance
6 years, 3 months ago

IL&FS asset sale plan hangs in the balance

Live Mint  

Mumbai: The government’s move to supersede the board of Infrastructure Leasing and Financial Services Ltd and order a probe has clouded the view as to when the debt-laden lender would be able to proceed with its capital-raising, restructuring and asset monetization plans. IL&FS had already received concrete offers for several of its assets, which include road projects housed under group …

Govt orders serious fraud probe agency to investigate IL&FS, units
6 years, 3 months ago

Govt orders serious fraud probe agency to investigate IL&FS, units

Live Mint  

Mumbai/New Delhi: The Union government Monday ordered an investigation by the Serious Fraud Investigation Office into Infrastructure Leasing & Financial Services and its subsidiaries, as serial debt defaults by the infrastructure lender damaged confidence and send shockwaves through the financial system. A report from the corporate affairs ministry’s Mumbai regional director has “clearly brought out serious corporate related deficiencies in …

The road ahead for new IL&FS board
6 years, 3 months ago

The road ahead for new IL&FS board

Live Mint  

While IL&FS’s shareholders approved the fundraising resolutions, they did not commit to subscribe to its rights issue. On Monday, stocks of all listed IL&FS subsidiaries hit the upper circuit after the government’s decision restored some much-needed confidence. Even with no plan in sight, the supersession of the IL&FS board lends a certainty to the group’s future that the AGM outcome …

Govt pledges liquidity support to IL&FS group
6 years, 3 months ago

Govt pledges liquidity support to IL&FS group

Live Mint  

New Delhi: After moving the National Company Law Tribunal to replace the board of distressed investment firm Infrastructure Leasing & Financial Services Ltd. with a state appointed one, the government on Monday said the company would be provided liquidity support while a turnaround plan was executed. “The government stands fully committed to ensure that needed liquidity is arranged for IL&FS …

IL&FS takeover done, government focus now on financials
6 years, 3 months ago

IL&FS takeover done, government focus now on financials

Live Mint  

Mumbai: The potential for systemic disruption and an incipient financial sector meltdown has forced the government to seize control of Infrastructure Leasing and Financial Services and its units by superseding the current board. The government said in its release that the supersession of the IL&FS board and its replacement by a new board are the necessary first steps towards restoring …

IL&FS to raise ₹15000 crore, hike borrowing limit to ₹35000 crore
6 years, 3 months ago

IL&FS to raise ₹15000 crore, hike borrowing limit to ₹35000 crore

Live Mint  

Mumbai: Infrastructure Leasing & Financial Services Ltd, whose recent debt defaults sparked concern about contagion in the financial markets, secured a lifeline after shareholders approved its plans to raise money through debt and equity. Stockholders green-lit IL&FS’s plans to raise as much as ₹ 15,000 crore through a non-convertible debt issue, hike the firm’s borrowing limit by 40% to ₹ …

LIC, SBI, Orix to subscribe to ₹4500 crore IL&FS rights issue
6 years, 3 months ago

LIC, SBI, Orix to subscribe to ₹4500 crore IL&FS rights issue

Live Mint  

Mumbai: In a major breather to debt-laden Infrastructure Leasing & Finance Services, its largest shareholders Life Insurance Corp and Orix Corp, and State Bank of India, on Saturday announced they would subscribe to the proposed ₹ 4,500 crore rights issue of the company. According to reports, the Reserve Bank of India met large shareholders of IL&FS on Friday to decide …

IL&FS crisis: Take a knife to India’s busted Macquarie clone
6 years, 3 months ago

IL&FS crisis: Take a knife to India’s busted Macquarie clone

Live Mint  

When even a 24-year-old Indian entrepreneur has no difficulty raising $1 billion in a day from global investors, it’s easy to forget that it wasn’t always like this. The $25 million that IL&FS arranged in 1997 via floating-rate notes — guaranteed by USAID and sold to Bear Sterns & Co. — illustrates the chutzpah that sank the firm. Let New …

Cash-strapped IL&FS Financial Services declares 7 fresh defaults of Rs 395 cr
6 years, 3 months ago

Cash-strapped IL&FS Financial Services declares 7 fresh defaults of Rs 395 cr

Firstpost  

New Delhi: IL&FS Financial Services Thursday said it has defaulted on seven fresh payment obligations worth Rs 395.46 crore. These defaults were in respect of five bank loans totalling Rs 239.50 crore, term deposit obligation of Rs 103.53 crore and short-term deposit worth Rs 52. These defaults were in respect of five bank loans totalling Rs 239.50 crore, term deposit …

IL&FS Financial Services declares fresh defaults of ₹395 crore
6 years, 3 months ago

IL&FS Financial Services declares fresh defaults of ₹395 crore

Live Mint  

New Delhi: IL&FS Financial Services on Thursday said it has defaulted on seven fresh payment obligations worth ₹ 395.46 crore. These defaults were in respect of five bank loans totalling ₹ 239.50 crore, term deposit obligation of ₹ 103.53 crore and short term deposit worth ₹ 52.43 crore. In bank loan repayments, it defaulted on ₹ 100.60 crore and ₹ …

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