IDFC LIMITED - Updates
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| 31 Jul 2015 | |
| IDFC Ltd has informed BSE that <BR><BR>"The volume of net restructured assets, Non-Performing Assets (NPAs) and Security Receipts (SRs) as of June 30, 2015 was 8.4% of our loan book. Almost 80% of our risks relate to the coal and gas based assets. Given that we will be transitioning to a bank by the end of Q2 FY16 with no visible solution for these assets, we believe it is prudent for us to make incremental provisions against known risks. While our existing loan provisions will be adequate to take care of the regulatory provisioning requirements even if these assets were to deteriorate and become NPAs, we plan to take additional provisions of approximately Rs. 2500 crore in Q2 FY16 against coal and gas power assets to make sure that in the aggregate, we have provided 50-60% against our aggregate stressed loan assets many of which will not be NPAs on September 30, 2015. We plan to create these additional provisions by utilizing non distributable special reserves that we have created over the past several years, subject to appropriate approvals. The net impact of these additional provisions will be a reduction in our net worth by approximately Rs. 1600 crore." | |
| View all announcements for IDFC LIMITED | Source: BSE India |
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