IL&FS Mutual Fund (IDF) made on-time redemption in its first debt fund series, IL&FS Infrastructure Debt Fund Series 1-A (IDF Scheme A), on its due date April 30, 2019.

The Scheme redeemed INR 3140 million (US$ 44.59 million) to the investors, which was paid out. IDF Scheme A, 5-year closed ended scheme, had raised INR 2380 million (US$ 33.80 million) from various Institutional Investors and was fully funded in April 2014. This is the first series, of the total of eight schemes in the portfolio, that was due for payment on April 30, 2019. The remaining seven schemes have varying maturities, ranging from 2 years to 12 years, with final maturity in 2031-32.

Two funds in the same series - IL&FS Infrastructure Debt Fund Series 1B and IL&FS Infrastructure Debt Fund Series 1C – have maturities of 7 years (2021) and 10 years (2024) respectively. The redemption for IDF Scheme A has been approved by the Board and trustees of IDF and meets all statutory compliances and applicable norms.

Post this redemption, IDF will continue to manage a total AUM of approximately INR 18,000 million (US$ 255.62 million) raised from a variety of investors spread across its remaining seven closed-ended schemes. The Funds are invested in a diversified portfolio in various sub-sectors within the Infrastructure sector.

IL&FS Limited and IL&FS Financial Services Limited are among the first institutions to launch an Infrastructure Debt Fund (IDF) in partnership with Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), United India Insurance Company Limited (UII) and National Insurance Co Ltd (NIC).