IL&FS group companies hit 52-week lows
Investors have turned skeptical on cash-strapped Infrastructure Leasing and Financial Services (IL&FS) group companies after reports emerged that IL&FS had defaulted on a short-term loan of Rs 1,000 crore from Sidbi, while a subsidiary has also defaulted on Rs 500 crore dues to the development financial institution.
IL&FS recently defaulted on inter-corporate deposits and commercial papers to the tune of about Rs 450 crore, bringing it under Reserve Bank of India scrutiny and getting hit with debt rating downgrades. While the commercial papers commitments were honoured with a few days lag, it failed to repay the deposits of Small Industries Development Bank of India (SIDBI) in full, ET reported.
On Thursday, PTI reported quoting sources that LIC, SBI and other key shareholders of IL&FS had asked it to raise funds by selling its assets or non-core businesses as a precondition for putting in additional money in the firm.
IL&FS is seeking an immediate loan of around Rs 3,000 crore from key shareholders to help it tide over a cash crunch.
Shares of IL&FS Investment Managers, IL&FS Transportation Networks and IL&FS Engineering and Construction Company closed the day falling 5.29 per cent, 4.42 per cent and 0.76 per cent, respectively, on NSE.