Signals, Powered By EquityPandit
LIC Mutual Fund said in a statement that the IL&FS Securities Services, a crippled arm of the infra lender, has cleared its dues worth Rs 300 crore.
LIC MF said in a statement, “We would like to confirm that we have received all our interest payments and/or maturity proceeds from IL&FS group entity, with the final payment of Rs. 300 crores being paid Friday.”
IL&FS group which is a vast conglomerate with a complex corporate structure that funds infrastructure projects across the country is struggling to service Rs 91,000 crore in debt.
The financier that was set up in 1987 and its listed subsidiaries have powered India’s infrastructure boom including the Chennai-Nashri India’s longest road tunnel and raised billions of dollars from the country’s corporate debt market.
LIC Chairman V K Sharma, after a meeting at the finance ministry, said “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).”
Economic Affairs Secretary Subhash Chandra Garg told PTI, “IL&FS is independent of the government. It has an independent board and shareholders. So, IL&FS needs to resolve its issues on its own and I think it is capable of doing it.”
