IL&FS subsidiary defaults on Rs 72.4 million interest payout

Last Updated: Fri, Nov 23, 2018 11:07 hrs
A logo of IL&FS (Infrastructure Leasing and Financial Services Ltd.) is seen on a building at its headquarters in Mumbai

Debt-ridden Infrastructure and Leasing Financial Services has reported of a default again.

The group informed exchange houses on Thursday that a subsidiary- IL&FS Transportation Networks had failed to pay interest worth Rs 72.4 million towards non-convertible debentures (NCDs) payable on November 21, 2018.

The NCDs were issued on May 21 for a period of 184 days.

The group also reported that payments of interest worth Rs 22.9 million on payable on November 2 were also defaulted.

According to reports, the group has reported defaults on debt instruments worth over Rs 44 billion. The group's total debt stood at Rs 942.156 billion as of October.

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