Page 8 - Il&fs Crisis

IL&FS crisis: RBI brass meets LIC, Orix Corp over capital infusion plans

The Reserve Bank of India (RBI) Friday met the large shareholders of debt-laden Infrastructure Leasing & Finance Services (IL&FS) to decide on revival and capital infusion plans for the company, sources said. Deputy governors NS Vishwanathan and MK Jain have met the representatives of LIC and Orix Corporation of Japan, the two largest shareholders which own 25.34 and 23.54 per cent stake in the company, respectively, sources said, but refused to share the contours of the meeting. The Abu Dhabi Investment Authority, HDFC, Central Bank of India and SBI hold 12.56 per cent, 9.02 per cent, 7.67 per cent and 6.42 per cent, respectively in the cash-strapped company. The RBI had earlier called all the shareholders of the group for the meeting, but later whittled it down to two of the large shareholders. The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27. It has over Rs 91,000 crore in ..

IL&FS jumps by record in dim sum bond mkt on hope of shareholders' support

IL&FS Transportation Networks' dim sum bond rose about 1 point to 49.1 on Friday

NBFC crisis could slow down projects, derail India's robust growth story

A fall in economic growth would be a blow to Prime Minister Narendra Modi and the ruling Bharatiya Janata Party, which is already under pressure from protests over rising fuel costs

IL&FS crisis: Road not clear for Rs 70-billion arbitration dues with NHAI

Road construction is undertaken by IL&FS mainly through special purpose vehicles floated by its subsidiary ITNL

Crisis-hit IL&FS may get a lifeline with LIC, SBI likely to increase stakes

The two institutions could increase their stakes through rights issue

Will ensure IL&FS doesn't collapse, all options open: LIC chief V K Sharma

State-owned insurer LIC Tuesday said it will not allow debt-ridden IL&FS to collapse and explore options to revive it. The Life Insurance Corporation (LIC) has the largest shareholding in IL&FS. IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday. This was the third default by the company. LIC Chairman V K Sharma, after a meeting at the finance ministry, assured that efforts are being made to keep IL&FS afloat. "We will ensure IL&FS does not collapse. We will not allow contagion to spread from IL&FS...All options are open (including raising stake in the company)," he said. The infrastructure development and finance group has been facing liquidity issues for some time and had defaulted on a Rs 1,000-crore debt from Sidbi earlier this month. On September 14, it had again defaulted on a repayment of Rs 105 crore CPs and the next day, it had defaulted on Rs 80-crore ...

IL&FS crisis: HFCs with weak liquidity to face heat as MFs on high-alert

Rising redemption pressure complicates the situation for debt fund managers

IL&FS crisis: Was correction in NBFC stocks overdue, given rich valuations?

Second-tier NBFC stocks are trading at 24.4x their trailing earnings, which is nearly twice their 15-year average of 13.9x

Japan's Orix Corp keen to acquire a majority stake in crisis-hit IL&FS

IL&FS and its subsidiaries have defaulted on repayment to lenders in the current month and the group is facing severe liquidity crisis

IL&FS crisis: No concern over liquidity due to NBFCs, says SBI chairman

We lend support to NBFCs within the regulatory policy framework and will continue to do so, says Rajnish Kumar

IL&FS incident is unfortunate, says RBI director S Gurumurthy

IL&FS assets are built for 30 years' return on 10-year finance, says Gurumurthy

If market mood changes, NBFCs may find it hard to raise funds: Keki Mistry

The liquidity crunch has to be resolved, says Mistry