Page 24 - Il&fs

No proposal yet from IL&FS for additional funds: SBI chairman Rajnish Kumar

The largest lender State Bank of India Wednesday said it has not received any concrete proposal for additional funds so far from the crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) group. SBI holds 6.42 per cent in the IL&FS group that is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27. The group has over Rs 91,000 crore in debt. "There is no concrete proposal as of now. When I receive a concrete proposal then we will decide," chairman Rajnish Kumar told reporters when asked whether IL&FS has asked for any funds from the bank. LIC, which is the largest shareholder with over 25 per cent stake, had Tuesday said it wouldn't allow the group to go belly up. Kumar, who was talking to reporters after launching a co-branded credit card with Apollo Hospitals, said SBI, being the leader in the industry, will do everything to stabilise the financial markets. "The SBI board will take ..

IndusInd Bank gets regulatory clearance to buy IL&FS Securities Services

The closure of the transaction was underway, subject to the fulfilment of all conditions precedent specified in the share-purchase agreement, the Mumbai-based bank said in its disclosure

Equity MF exposure to non-bank lenders nears the Rs 1-trillion mark

IL&FS contagion worries: Funding woes cloud segment prospects

Meet Ravi Parthasarathy, the man who built the house of cards called IL&FS

Ravi Parthasarathy became the CEO of IL&FS when it was set up in 1989, was promoted to chairman in 2006, and retired in July this year

Why the IL&FS crisis is spooking debt and equity markets in India

Pavan Burugula explains why the IL&FS crisis is spooking India's debt and equity markets

Debt-laden IL&FS plans to sell 25 assets to raise Rs 300 billion

The group's management is planning to sell 25 assets worth Rs 300 billion and raise an additional Rs 45 billion by way of a rights issue at Rs 150 a share

Bad news for creditors as IL&FS, 40 arms move NCLT seeking debt protection

According to corporate law experts, by moving the Mumbai Branch of NCLT, IL&FS is seeking more time to repay its debt

Brickwork Ratings downgrades IL&FS Maritime Infra Company's bank loans

Irregularities in debt servicing by parent IL&FS has weakened support for the subsidiary

Govt 'closely' monitoring situation arising out of IL&FS default: Jaitley

The government is "closely" monitoring the situation arising out of the defaults by IL&FS Group, Finance Minister Arun Jaitley said Tuesday, amid jitters in financial markets over liquidity concerns. Banks have expressed confidence that they would continue to ensure adequate availability of liquidity in the various sectors of the economy, Jaitley said. His remarks come against the backdrop of defaults by an IL&FS group company triggering concerns of liquidity crunch among the Non-Banking Financial Companies (NBFCs), which in turn has roiled financial markets. "Banks are very confident that they will maintain liquidity, which is required, for various sectors of the economy," Jaitley said after meeting heads of public sector banks here. On the IL&FS issue, he said the government is closely monitoring the situation. "We are closely monitoring the situation and I have nothing further to add to what the LIC Chairman has said," Jaitley said. LIC Chairman V K Sharma said that as .

India Ratings downgrades debt of IL&FS arm, places ratings under watch

In more troubles for the crippled IL&FS group, India Ratings Tuesday downgraded the long-term issuer rating of a group company, IL&FS Environmental Infrastructure and Services (IEISL), and placed its ratings under watch. The agency has also downgraded the ratings of various debt instruments to 'BB'. Rival rating agency Icra had last month junked the ratings of most of the group companies. The downgrade by India Ratings reflects a similar rating action on its parent IL&FS following the default on repayment of commercial papers. Monday, IL&FS Financial Services defaulted on interest payments of commercial papers, which were due on that day. On September 14, IL&FS, which is unbale to service most of its over Rs 91,000 crore debt, had defaulted on a Rs 105-core CP redemption. "The recent developments at IL&FS will affect IEISL's financial flexibility with regards to raising fresh equity and debt," the rating agency said in a note. IL&FS holds 97.54

As IL&FS crisis deepens, here are top 10 developments in the unfolding saga

The focus now is on the Reserve Bank of India's (RBI) summons to IL&FS shareholders for a meeting on Friday

IL&FS seeks NCLT relief for arrangement with creditors to 40 group firms

In a statement on Tuesday, the company informed stock exchanges of the application it had filed with NCLT

The IL&FS crisis highlights regulatory failure in the financial sector

IL&FS should not have been allowed to get to this stage

IL&FS row should not be a contagion, depends on how it is handled: Experts

Non-banking finance companies are also walking the extra mile to assure investors that they are in the pink of health

In 6 months, 41% of NBFC debt papers due for refinancing: Credit Suisse

About 41% of those debt papers, though, are due for refinancing in the current financial year, Credit Suisse has said in a report

IL&FS independent of govt; capable of handling its issues: Subhash Garg

Infrastructure Leasing & Financial Services (IL&FS), which has defaulted on a series of interest payments, needs to resolve issues on its own, Economic Affairs Secretary Subhash Chandra Garg said. "IL&FS is independent of government. It has independent board and shareholders. So, IL&FS needs to resolve its issues on its own and I think it is capable of doing it," Garg told PTI in an interview. Although government has no holding in the company, some of the state-owned financial firms including LIC and SBI are shareholders of the non-banking financial company (NBFC). "It has assets, it has liabilities to take care. There might be some temporary mismatch, so it is IL&FS, which will deal with the problem. The government is not involved directly," Garg said. Earlier this month, IL&FS Group defaulted on inter-corporate deposits and commercial papers. On September 4, it came to light that IL&FS had defaulted on a short-term loan of Rs 1,000 crore from Sidbi, while

IL&FS approaches NCLT against bankruptcy case, draws revival plan

Here's what you must know about the IL&FS crisis

IL&FS seeks to raise Rs 300 billion in asset sales to cut debt: Report

IL&FS plans to sell 25 assets and has received investor interest for 14 of them

IL&FS infrastructure arm redesignates CFO Dilip Bhatia to assist asset sale

With the rejig, Bhatia will relinquish his responsibilities as the firm's CFO

IL&FS in India misses three debt payments due Friday

IL&FS's outstanding debentures and commercial paper accounted for 1 per cent and 2 per cent, respectively, of India's domestic corporate debt market as of March 31