Rs 4,800cr more by Mar: Kotak
Of the targeted Rs 61,000 crore debt resolution by the fiscal-end, IL&FS has resolved Rs 52,200 crore of the same by October-end and will address Rs 4,800 crore more through the course of the year, the management said on Tuesday.
The company is sitting on a cash balance of Rs 16,700 crore as of end-October, when it completed the third year of its bankruptcy.
The company has repaid Rs 14,100 crore of debt this fiscal so far, according to chairman Uday Kotak who added that the company will address Rs 4,800 crore more this fiscal year to meet the repayment target of Rs 61,000 crore by March.
Till date, the new management has addressed debt of Rs 52,200 crore across group entities and the earlier estimate of resolving Rs 61,000 crore of debt, which represents 62 per cent of the overall fund and non-fund based debt of over Rs 99,000 crore as of October 2018, is also on course, Kotak said.
The resolution of Rs 52,200 crore represents 86 per cent of the overall estimated resolution value of Rs 61,000 crore and 53 per cent of the total debt.