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IL&FS: How an infrastructure giant fell into a debt trap

Updated : September 24, 2018 09:16 AM IST

Over the past week, the company witnessed sharp downgrades in ratings.
The primary reason for the downgrade was series of defaults and weakening of the company’s liquidity profile along with the diminishing expectation of funding support.
IL&FS defaulted for the first time on inter-corporate deposits and commercial papers (borrowings) worth Rs 450 crore in June 2018. On September 4, it defaulted again on a short-term loan of Rs 1,000 crore from SIDBI (Small Industries Development Bank of India).
IL&FS: How an infrastructure giant fell into a debt trap
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