IL&FS Transportation Networks Ltd (ITNL), a subsidiary of IL&FS, has defaulted on payment of interest on Non-Convertible Debentures (NCDs), the company informed the exchange. The total amount of default by the company on interest payment was worth Rs 4.41 crore.

Both these NCDs were secured, rated, listed, and redeemable.

The Series 1A and Series 1B were for a period of five years from the deemed date of allotment which was February 1, 2018. The coupon rate of both NCDs were 9.10 per cent per annum and payment frequency was quarterly.

Interest due for each NCD was Rs 2,21,89,041. The gross principal amount on which the default has taken place is worth Rs 100 crore each, taking the value for both NCDs at Rs 200 crore.

While the number of investors in the security Series 1A was six, for Series 1B was 11.

Recently there was some good news for ITNL as well. In March, ITNL received a settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunnelway (CNTL), from the National Highways Authority of India (NHAI)'.

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