IL&FS Mutual Fund on Tuesday paid out `314 crore on redemption of its 5-year infrastructure debt fund, the company said in a press statement. The close ended scheme, Infrastructure Debt Fund (IDF) Series 1-A, matured on April 29 and was due for redemption on April 30. The debt fund was launched in April 2014, and had raised `238 crore from various institutional investors.
In the past months, schemes of the IL&FS Mutual Fund have been downgraded by various ratings agencies, following the downfall of IL&FS.
In October 2018, India Ratings and Research put the companies schemes on “ratings watch negative”.
The schemes’ exposure to IL&FS group entities resulted in the weakening of their portfolio quality. All IL&FS IDF schemes generally have an exposure of around 23.81% to two IL&FS group companies — IL&FS Solar Power and IL&FS Wind Energy, India Ratings and Research said in a report dated April 5.
