Shadow Banker in India Misses Three Debt Payments Due Friday
- IL&FS says managing director of a finance unit resigned
- Company also couldn’t meet letter of credit obligation to IDBI
Photographer: Dhiraj Singh/Bloomberg
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Infrastructure Leasing & Financial Services Ltd., an Indian shadow banker that defaulted on its commercial paper obligation earlier this year, missed payments again on Friday.
The company, which helped fund India’s longest tunnel, defaulted on three non-convertible notes series, it said in a filing to the stock exchange, without disclosing the value of the debt. It was also unable to meet an obligation for a letter of credit payable to IDBI Bank Ltd., the company said in a separate filing.