IL&FS group company defaults on NCD interest payment

IL& FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payments of Rs 26.02 crore due on the interest of non-convertible debentures (NCDs) because of insufficient funds. (Reuters Photo)

IL&FS Transportation Networks, a group company of the troubled IL&FS group, has defaulted on payments of Rs 26.02 crore due on the interest of non-convertible debentures (NCDs) because of insufficient funds.

The interest due and payable on July 21, 2019... was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges.

IL&FS Transportation Networks said it had defaulted in payments of interest amount of debentures of Rs 14.62 crore and Rs 11.40 crore.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments over the past few months due to insufficient funds. The group's total debt stood at over Rs 90,000 crore as of October 2018.