The entire non-banking finance company segment has been under the cosh after IL&FS defaulted on several interest payment terms to bondholders recently.
Srei Infrastructure Finance's scrip fell as much as 20 percent to hit a fresh 52-week low of Rs 32 on September 27 even after the management assured stakeholders that it will be able to meet its liability commitments.
The entire non-banking finance company segment has been under the cosh after IL&FS defaulted on several interest payment terms to bondholders recently. Couple of weeks back, DSP Mutual Fund, which has exposure to IL&FS, sold some commercial papers of DHFL worth about Rs 200-300 crore in open market.
"Srei including Srei Equipment Finance Ltd. has repaid all its debt obligations as on date without any delay and has enough liquidity to honour all its financial obligations."
"Further based on asset-liability profile and liquidity position, there will not be any delay in repayment of any of our future financial obligations," the company said.
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As on September 26, 2018, Srei has investments to the tune of Rs 950 crore in liquid mutual funds apart from liquidity from collections and available bank lines.
"At Srei we refrain from reacting to rumours or unfounded negative market sentiments. However, given the unrest created by people with vested interests, we would like to emphatically mention that Srei (including Srei Equipment Finance Limited) has been repaying all its debt without any delay, consistently for the last 3 decades and would continue to do so. Further, we have enough liquidity to honour our future obligations in time," said Sunil Kanoria, Vice Chairman, Srei.
At 15:10 hours IST, the stock price was quoting at Rs 33.20, down Rs 6.80, or 17 percent on the BSE.