IL&FS Transportation Networks

Lenders are expected to recover between 98% and 124% of their exposure, depending on the seniority of their loans

During the last fiscal, the company saw a sharp decline in its standalone total income to Rs 786.24 crore, as against Rs 4,709.48 crore in the year-ago fiscal.

The Infrastructure Leasing and Financial Services (IL&FS) board said it has initiated the process to explore divestment of the group's interest in road assets and business.

IL&FS Transportation Networks, an entity of the crippled IL&FS group, Monday said it has defaulted on interest payment of Rs 2.28 crore on two non-convertible debentures (NCDs). The interest payment on both NCDs were 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 7.24 crore on NCDs, payable on November 21. Before that, it had defaulted on interest payment worth Rs 2.29 crore 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 94,215.6 crore as of October. Shares of IL&FS Transportation Networks ended the day 3.97 per cent down at Rs 18.15 ..

It is unclear why ITNL would need its SPV to extend a loan to itself

IL&FS Transportation Networks today said its joint venture firm, Jorabat Shillong Expressway Ltd, has re-financed debts amounting to Rs 883 crore through issuance of non-convertible debentures (NCDs). "Jorabat Shillong Expressway Ltd, a joint venture mandated for development of section of NH-40 from 0.00 km to 61.80 km in Assam and Meghalaya has re-financed senior and subordinated debt by issue of non-convertible debentures to the extent of Rs 883 crore," IL&FS Transportation Networks Ltd said in a BSE filing. The company added that the NCDs carry a weighted average coupon rate of 8.34 per cent per cent as against 11.30 per annual resulting in savings of approximately 2.96 per cent in interest cost. The project was completed on January 28, 2016 and is entitled to receive from NHAI a semi-annual annuity of Rs 72.51 crore for a period of 15 years effective July 28, 2016. Shares of IL&FS Transportation Networks Ltd were trading 1.06 per cent lower at Rs 102.60 ..

The stock was up 9% at Rs 103 at 11:03 am, rallied 17% in past one-week, as compared to 1% rise in the Sensex.