Page 25 - Il&fs

IL&FS now has the most leveraged balance sheet among large-sized NBFCs

Debt-equity ratio jumped to 14.5x in FY18 against sector average of 5.6x

In a first, IL&FS group's Tamil Nadu thermal power unit taken to NCLT

Mumbai, 20 SeptemberBankruptcy proceedings have been instituted for the first time against an IL&FS group company, a Tamil Nadu-based thermal power unit. Lenders to the entity have taken it to the National Company Law Tribunal (NCLT), after it defaulted on loan payments.The parent company, IL&FS itself, is facing a massive cash crunch and will default on loan repayments by this month-end, unless its shareholders come forward with cash by way of equity or debt infusion. IL&FS at a consolidated level has debt of Rs 910 billion, making it one of the most indebted of corporate groups in the country.IL&FS Tamil Nadu Power Company Ltd operates a 1,200 Mw imported coal-based plant at Cuddalore. Around Rs 106 billion has been invested in the project, financed by Rs 60.8 bn of loans from public sector banks (PSBs) and Rs 45.6 bn in equity by IL&FS Energy Development, a group subsidiary. The project saw a cost overrun of about Rs 42 bn. The first phase was commissioned in ..

IL&FS mess shows why debt fund investors should watch out for credit risk

A large part of the blame for the episode, say experts, lies with the rating agencies, who should have started downgrading IL&FS and its affiliates earlier

IL&FS liquidity crisis: Lenders yet to take stock of situation

The gross debt of IL&FS Ltd stood at Rs 910 billion

Heat on rating agencies for failing to spot IL&FS' liquidity crisis

Icra, CARE and India Ratings - have been monitoring the activities of IL&FS, a holding entity of group, and its subsidiaries for long

IL&FS liquidity crisis credit negative for banks, debt market: Moody's

As of 31 March 2018, debts incurred by ILFS in the form of bank loans accounted for around 0.5 per cent - 0.7 per cent of overall banking system loans

IL&FS mess highlights failure of key stakeholders, corporate governance

A line of defence by IL&FS is that the mounting dues from various agencies were the prime reason for its liquidity woes

More bad news for IL&FS! Ratings cut to lowest level as debt woes worsen

Infrastructure Leasing & Financial Services Ltd., which helped fund India's longest tunnel, started missing deadlines on short-term debt instruments late last month

After shareholders reject Rs 30 bn bailout, IL&FS approaches govt: Reports

Financially strained unlisted holding company IL&FS has sought the Central government's support to avert a looming default crisis.

IL&FS' board, stakeholders to deal with debt crisis: FM Arun Jaitley

Finance Minister Arun Jaitley on Monday said that the IL&FS' board and its stakeholders will deal with the debt crisis facing the company.

The IL&FS fiasco represents India's domestic belt and road quicksand

IL&FS has extracted a heavy toll by playing on the nation's desperation for infrastructure

Ex-LIC chief S B Mathur to head IL&FS board, will replace Hemant Bhargava

Suspense over funds infusion continues

Funds worth Rs 160 bn getting stuck led to this mess: IL&FS tells staff

Crippled infrastructure development and finance company IL&FS has claimed that if funds worth Rs 16,000 crore stuck with concession authorities were released on time, it wouldn't have landed in the mess it is currently in. In a letter to its employees, a copy of which is with PTI, Infrastructure Leasing & Financial Services (IL&FS), which earlier this month had defaulted on a Rs 1,000-crore loan from Sidbi, has claimed that around Rs 16,000 crore of group liquidity is stuck in claims and termination payments. "Our monies were used to fund the cost and time overruns caused by concession authority delays in handing over right of way. It is our case that if concession authorities released our monies, which is around Rs 16,000 crore of IL&FS group liquidity and stuck in claims and termination payments, we would not be in the situation that we are in," IL&FS said in its letter. The management also claimed that sufficient clarity will emerge after the ...

IL&FS may be in more trouble with SIDBI; more dues unpaid: Report

SIDBI has asked IL&FS for a repayment plan within 10 days

IL&FS MF's exposure under scanner; firm says in good position to repay dues

Investments in group assets under spotlight; company assures it will be able to repay IDF investors

I'm sure LIC will take a prudent decision on IL&FS, says Irdai chairman

The solvency situation of IL&FS will have an impact on insurance companies

Principal Mutual Fund caps flows in four schemes exposed to IL&FS

The four schemes had exposure to IL&FS Financial Services' papers at the end of August

IL&FS group companies stocks plunge up to 14% on rating cut by ICRA

Shares of Infrastructure Leasing & Financial Services (IL&FS) group companies tumbled up to 14 per cent Monday after rating agency ICRA downgraded loan and debentures of infrastructure financing firm IL&FS. IL&FS Transportation Networks slumped 13.79 per cent, IL&FS Investment Managers dived 10.99 per cent and IL&FS Engineering and Construction Company plunged 6.55 per cent on the BSE. The three stocks hit their respective 52-week lows in intra-day trade. Rating agency ICRA Sunday downgraded loan and debentures of infrastructure financing firm IL&FS to 'default risk' citing liquidity pressure on the group on the back of sizeable repayment obligations. The ratings of IL&FS, which has reportedly defaulted on payment, is kept under rating watch with developing implications. The long-term rating of IL&FS' Rs 5,225 crore non-convertible debenture programme and the Rs 350 crore term loans has been cut to 'BB' from 'AA+'.

More trouble for IL&FS as ICRA downgrades rating for its various units

The rating action follows the significant weakening of the financial risk profile of the parent company-IL&FS

IL&FS Group shares hit 52-week low;IL&FS Transportation Networks falls 15%

The rating agency ICRA on Sunday downgraded loans and debentures of infrastructure financing firm.