IL&FS Transportation Networks, a group company of the troubled IL&FS group, Monday said it has defaulted on dividend payment of Rs 7.12 crore due on redemption of cumulative non convertible redeemable preference shares.

The dividend of Rs 7.12 crore was due for the period between April 1, 2017 to December 23, 2018 and was not paid due to insufficient funds, the company said in a filing to the exchanges.

Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds.

The group's total debt stood at over Rs 94,000 crore as of October 2018.

Shares of IL&FS Transportation Networks were trading 1.98 per cent higher at Rs 12.85 apiece on the BSE.

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