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IL&FS Financial Services finds no takers due to high NPAs, says report

IL&FS Financial Services finds no takers due to high NPAs, says report

IL&FS Financial Services finds no takers due to high NPAs, says report
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By CNBC-TV18 Sept 24, 2018 8:56 AM IST (Updated)

IL&FS Financial Services (IFIN), a subsidiary of IL&FS which was put up for sale three weeks ago, has not found any takers due to the company's high debts and defaults, Business Standard reported.

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IFIN's weak financials and the central bank banning the firm from accessing the commercial paper market because of defaults, have kept the investors away from the deal, the BS report said.
"The NPAs and high exposure to group companies has made the company an unattractive target. We have to wait till the end of this fiscal year to get a clearer picture," sources told the paper.
On Friday, IFIN defaulted for the second time as it was unable to repay its investors on time due to lack of funds in its commercial paper redemption account.
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