INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of ILFS Investment Managers, ILFS Transportation Networks and ILFS Engineering and Construction Company hit 52-week lows
Investors have turned skeptical on cash-strapped Infrastructure Leasing and Financial Services (ILFS) group companies after reports emerged
that ILFS had defaulted on a short-term loan of Rs 1,000 crore from Sidbi, while a subsidiary has also defaulted on Rs 500 crore dues to the
development financial institution.
ILFS recently defaulted on inter-corporate deposits and commercial papers to the tune of about Rs 450
crore, bringing it under Reserve Bank of India scrutiny and getting hit with debt rating downgrades
While the commercial papers commitments were honoured with a few days lag, it failed to repay the deposits of Small Industries Development
Bank of India (SIDBI) in full, ET reported
On Thursday, PTI reported quoting sources that LIC, SBI and other key shareholders of ILFS had asked it to raise funds by selling its
assets or non-core businesses as a precondition for putting in additional money in the firm.
ILFS is seeking an immediate loan of around Rs
3,000 crore from key shareholders to help it tide over a cash crunch.
Shares of ILFS Investment Managers, ILFS Transportation Networks and
ILFS Engineering and Construction Company closed the day falling 5.29 per cent, 4.42 per cent and 0.76 per cent, respectively, on NSE.
