IL&FS made Rs 295 crore interest payment to LIC Mutual Fund; all details here
LIC Mutual Fund has confirmed that it received all its interest payments and/or maturity proceeds from IL&FS group entities.
![IL&FS made Rs 295 crore interest payment to LIC Mutual Fund; all details here IL&FS made Rs 295 crore interest payment to LIC Mutual Fund; all details here](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2018/09/28/53960-ilfs-official-website.jpg?itok=hLXdJ4IP&c=5a3ba68e7cded179e21269ef8befb44c)
The crisis at Infrastructure Leasing & Financial Services (IL&FS) has gone intense. It continues to face irregularities in debt servicing issue, material weakening of the liquidity and lack of funding support. The group and its subsidiaries are in dire need of financial assistance, especially as its major shareholders bailed out. Apart from this, the company is also blamed for having defaulted on interest payments or corporate deposits to various mutual funds and institutions. However, today, the state-owned LIC Mutual Fund has confirmed that it has received all its interest payments and/or maturity proceeds from IL&FS group entities.
In a notification, LIC MF said, "At the very onset, the month of September’ 2018 has been a tough one for the Indian financial markets due to default of IL&FS and its group entities and later on volatility in Bond market."
It added, " Both these incidents along with advance tax outflows, rupee depreciation, GST related outflows created liquidity deficit in the market of almost 1.5 lac crores. We at LIC Mutual Fund would like to reiterate our earlier statement that there was no default in our LIC MF schemes."
Hence, the LIC MF revealed that they have recieved the balance of Rs 295 crore from IL&FS Sec Serv Ltd.
Following the ongoing crisis, the IL&FS subsidiaries once again finished another market on negative note. Today, the IL&FS Investment Managers ended at Rs 7.80 per piece down by 7.80%, while the IL&FS Engineering And Construction Company completed at Rs 13.35 per piece down 2.20% and the IL&FS Transportation Network at Rs 22.55 per piece below 3.43%.
Apart from clarification on IL&FS, the LIC MF also spoke about rupee and RBI's upcoming policy.
LIC MF said, ". We feel now that the rates are on the upward trajectory and there is a fair amount of expectation that RBI would hike Repo Rate at least by 25 bps (if not 50 bps) considering the recent sharp movement of USD INR."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
08:01 PM IST