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The board of Infrastructure Leasing & Financial Services (IL&FS) has called an emergency meeting in Mumbai on Friday to take a call on fundraising, sale of assets, including road projects, and default by its subsidiary IL&FS Financial Services (IFIN) on commercial paper. The board might even look at reducing the premium on shares because some shareholders were not happy with high premium, said a source close to the development.
The infrastructure financial institution is facing a strain on liquidity and debt overhang. On August 30, the IL&FS board had slashed the dividend payout for 2017-18 from Rs 6 a share
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