ITNL misses Rs 7.24-crore interest repayments, cites insufficient funds

By: |
Mumbai | Published: November 22, 2018 5:44:03 AM

IL&FS Transportation Networks (ITNL) on Wednesday said it could not pay the interest amount of Rs 7.24 crore on non-convertible debentures (NCD), due between May 21 and November 20.

IL&FS, Sanjay Nirupam, NBFC, Kotak Mahindra Bank, NHAI, Kingfisher Airlines, Shares of NBFCIn an exchange filing, the company cited insufficient funds as the reason for missing the repayments.

IL&FS Transportation Networks (ITNL) on Wednesday said it could not pay the interest amount of Rs 7.24 crore on non-convertible debentures (NCD), due between May 21 and November 20. In an exchange filing, the company cited insufficient funds as the reason for missing the repayments.

On both Monday and Tuesday this week, IL&FS said it defaulted on repayments for deposits, due on November 16, 17, and 19, taking the total amount in defaults to Rs 4,640.95 crore. With the latest disclosure by ITNL, the total default amount now stands at Rs 4,678.19 crore.

IL&FS and its numerous subsidiaries have missed multiple repayments so far. According to data compiled from Prime Database and Value Research, IL&FS has a repayment of Rs 141 crore coming up on November 27 to Tata Mutual Fund. It also needs to pay a total of Rs 185 crore in December on bonds and NCDs. Between now and March 2019, IL&FS needs to repay slightly over Rs 1,500 crore in NCDs, bonds and commercial paper.

On October 31, the Uday Kotak-led board proposed a three-pronged strategy to revive IL&FS. The strategy includes capital infusion at the group level, sale of subsidiaries at the vertical level, and resolution at the asset level.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Facebook appeals its UK fine in Cambridge Analytica scandal
2Jet Airways says in talks with various investors amid reports of seeking Etihad support
3Who is Abhijit Bose? Appointment of WhatsApp’s India head comes as relief amid mounting pressure from govt