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 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.