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IL&FS Financial banned from commercial paper market until end-February 2019

IL&FS Financial Services Ltd. will not be able to access the commercial paper market up to February 2019 following a delay in the repayment of commercial papers that matured in August.

The company said it could not repay commercial papers that were due Aug. 28 and Aug. 30, with the repayment eventually settled by the company in full on Aug. 31, according to a Sept. 6 filing with the BSE.

In compliance with the Reserve Bank of India's guidelines on commercial papers, the company will not access the commercial paper market up to February 28, 2019.

Under the Reserve Bank Commercial Paper Directions, 2017, issuers that default on a commercial paper cannot access the commercial paper market for six months from the date of repayment of the defaulted obligation.

IL&FS Financial Services is the lending arm of Infrastructure Leasing & Financial Services Ltd.