IL&FS' subsidiary defaults on interest payment of Rs 22.8 mn on two NCDs

IL&FS Transportation Networks, an entity of the crippled IL&FS group, Monday said it has defaulted on interest payment of Rs 22.8 million on two non-convertible debentures (NCDs).

The interest payment on both NCDs was due on November 26, the company said in a filing to the exchanges.

Both the bonds were issued on August 25.

On November 22, the company had defaulted on interest payments worth Rs 72.4 million on NCDs, payable on November 21.

Before that, it had defaulted on interest payment worth Rs 22.9 million on NCDs payable on November 2. It had also defaulted on interest payment of a similar amount on a different NCD, which was due on November 1.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds. The group's total debt stood at Rs 942 billion as of October.

Shares of IL&FS Transportation Networks ended the day 3.97 per cent down at Rs 18.15 apiece on the BSE, against 1.07 per cent rise in the benchmark.