IL&FS Transportation Networks Limited announced that it is unable to service its obligations in respect of the following Non-Convertible Debentures towards payment of interest and principal due on February 23, 2024. Secured, rated, listed, redeemable non- convertible debentures. - Tranche XXVI (Series I) (Security ITNL 25A): Date of default - February 23, 2024. Tenure: 7 Years; Coupon Rate: 9.15% p.a.; Coupon Payment Frequency: Quarterly; Current default amount - Interest due: INR 4,151,342; Period for which Interest was due: November 24, 2023 - February 23, 2024 (92 days); Principal - INR 30,000,000; Gross Principal amount on which the default has occurred - INR 240 million; Total amount of securities
issued - 240 million; Remarks/Notes - As part of the Interim Distribution process, the Company has made payment of INR 19,457,918 to the NCD holders on October 18, 2023. Consequent to this payment, the outstanding value of the NCDs shall be reduced to the extent of the payout. Secured, rated, listed, redeemable non- convertible debentures. - Tranche XXVI (Series II) (Security ITNL 28A): Date of default - February 23, 2024. Tenure: 10 Years; Coupon Rate: 9.20% p.a.; Coupon Payment Frequency: Quarterly; Current default amount - Interest due: INR 15,652,603; Period for which Interest was due: November 24, 2023 - February 23, 2024 (92 days); Principal - INR 37,500,000; Gross Principal amount on which the default has occurred - INR 750 million; Total amount of securities issued - 750 million; Remarks/Notes - As part of the Interim Distribution process, the Company has made payment of INR 60,810,270 to the NCD holders on October 18, 2023. Consequent to this payment, the outstanding value of the NCDs shall be reduced to the extent of the payout. Reason for non-payment: Pursuant to the Order passed by the Hon'ble National Company Law Appellate Tribunal ("NCLAT") on October 15, 2018 ("Moratorium Order"), the Company has been prohibited from making payments to all its creditors. Further, vide an Order passed by NCLAT dated February 11, 2019, the Company has been classified as a 'Red Entity' and confirming that the Moratorium Order has neither been lifted nor modified in any manner. In view of the aforementioned and in compliance with the abovementioned Orders, the Company is unable to undertake any obligations related to payment of interest/principal on Non- Convertible Securities except as part of the Interim Distribution process approved by the NCLAT.