The principal amount and interest due and payable on March 18, 2019...was not paid to the debenture holders due to insufficient funds, the company said in a filing to stock exchanges.
IL&FS Transportation Networks said principal amount of the defaulted debentures is ₹20.80 crore and interest is ₹11.62 lakh.
Interest due for the period between 1 March to 17 March, 2019 and was not paid.
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 over ₹90,000 crore as of October 2018.
In December last year, IL&FS group announced sale of equity stakes in its road assets to raise funds and initiated the process of exploring divestment of IL&FS group's equity stakes in road assets.
This story has been published from a wire agency feed without modifications to the text.