Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

IL&FS Financial Services Misses Loan Repayments Due this Month

IL&FS is a major Indian infrastructure finance and construction company, which has built up big debts and is now facing a credit crunch. As a result, Indian authorities are trying to calm market fears that IL&FS's troubles could trigger a crisis in the wider non-banking financial sector.

Reuters

Updated:September 28, 2018, 9:13 AM IST
facebookTwitter Pocket whatsapp
IL&FS Financial Services Misses Loan Repayments Due this Month
File photo of Infrastructure Leasing and Financial Services Ltd. office in Mumbai.

Mumbai: IL&FS Financial Services, part of India's Infrastructure Leasing & Financial Services (IL&FS), said on Thursday it missed repayments on a host of bank loans and some term deposits due this month.

IL&FS is a major Indian infrastructure finance and construction company, which has built up big debts and is now facing a credit crunch. As a result, Indian authorities are trying to calm market fears that IL&FS's troubles could trigger a crisis in the wider non-banking financial sector.

IL&FS Financial Services said it was unable to service its obligations for bank loans due on Sept 12, 16, 24 and 26, a term deposit due Sept 25 and a short-term deposit due Sept 27.

The Economic Times reported on its website that the government has said it would look into helping to complete projects undertaken by the parent IL&FS and could also buy some of its healthy assets.

IL&FS is expected to hold its annual general meeting with shareholders and its board meeting on Saturday to weigh options for a potential capital infusion plan.

Its board has already approved raising funds via a 45 billion rupee rights issue and a Rs 30 billion debt-reduction plan through asset sales.

The Reserve Bank of India is set to meet the large shareholders of IL&FS on Friday, CNBC-TV18 reported on Thursday, citing sources familiar with the matter.

IL&FS did not respond to request for comments outside regular business hours.

The company's top shareholders include India's largest state-run insurer, Life Insurance Corporation (LIC), Japan's Orix Corp, IL&FS Employees Welfare Trust and Abu Dhabi Investment Authority.

LIC Chairman V.K. Sharma told reporters on Tuesday that the insurer would not allow IL&FS to collapse. All options, including increasing LIC's stake in IL&FS, are open, Sharma said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
ICICI Bank 498.65 2.66
Yes Bank 68.75 0.81
SBI 306.00 -0.26
Reliance 1,462.75 -0.65
Indiabulls Hsg 211.35 -3.16
Company Price Change %Gain
Narayana Hruda 304.85 1.08
Cipla 451.50 0.73
Yes Bank 68.75 0.73
Indiabulls Hsg 211.20 -3.25
Cholamandalam 309.15 3.99
Top Gainers
Company Price Change %Gain
ICICI Bank 498.65 2.66
IOC 136.85 2.24
Infosys 705.30 2.02
Bajaj Finance 4,210.55 1.59
HDFC Bank 1,273.90 1.30
Company Price Change %Gain
ICICI Bank 498.75 2.67
Infosys 705.35 2.04
Bajaj Finance 4,211.95 1.65
Maruti Suzuki 7,247.10 1.28
HDFC Bank 1,273.70 1.25
Top Losers
Company Price Change %Gain
Bharti Infratel 208.65 -4.38
Vedanta 144.00 -2.96
Zee Entertain 282.00 -2.94
IndusInd Bank 1,375.10 -2.76
UltraTechCement 4,003.40 -2.73
Company Price Change %Gain
Vedanta 143.95 -2.90
IndusInd Bank 1,374.40 -2.79
Coal India 202.25 -2.39
Tata Motors 167.00 -2.11
Bharti Airtel 362.65 -1.59

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results