INR240b of debt capital since 21 September 2018, the company is well placed on the liquidity front, in our view. In addition, LTFH is comfortable with its builder and IL&FS; exposures. We note that IL&FS; exposures are to SPVs formed by the subsidiaries of IL&FS;, where LTFH has the first right to cash flow. Nevertheless, there has not been any instance of defaults over the past two months. The business transformation story remains on track, with retailization of the balance sheet and sustenance of RoE at 18-19% levels. A lender to SPVs managed by IL&FS; subsidiaries; protected from NCLT proceedings Management explained that there is no exposure to IL&FS; at the holdco level. The...