IFIN, a subsidiary of IL & FS, will sell a portfolio of loans to external companies of Rs 5,000 cr
As of March 31, 2019, the assets under management of the non-bank finance company amounted to Rs 18,000 crore, which includes external, internal loans and internal investments. The company has yet to announce its results for 2019-2020. “All of IFIN’s external business loans of around Rs 5,000 crore will be auctioned through the bidding process. The sale of the loans will be in cash,” the source said.
The company’s external business loan portfolio includes loans to more than 70 companies that have become non-performing assets, he added. When contacted, the IL & FS spokesperson said: “The company is launching a public process this week to launch a tender for the sale of IFIN’s external business loan portfolio.
“According to IFIN’s annual report for 2018-19, he had a net loss of Rs 13,272 crore compared to a net profit of Rs 9.5 crore in 2017-18. His total borrowing at the end of March 2019 from various avenues (debt securities, bank loans, commercial paper, business-to-business deposits) amounted to Rs 14,916 crore.
Last month, the debt-laden IL&FS group said it was able to process debt of around Rs 1,460 crore in the second quarter of 2020-2021, up from an earlier estimate of around Rs 8,800 crore. Rs during the period. He said the Rs 7,300 crore deficit in the September quarter target has been carried forward to be resolved in subsequent quarters. The group, however, maintained its earlier estimates that more than 50% of the global debt of over Rs 99,000 crore as of October 2018 was covered by the end of 2020-2021.