INSUBCONTINENT EXCLUSIVE:
ILFS needs an immediate capital infusion of Rs 3,000 crore.MUMBAI: The Reserve Bank of India (RBI) Friday met the large shareholders of
debt-laden Infrastructure Leasing Finance Services (ILFS) to decide on revival and capital infusion plans for the company, sources said
Deputy governors NS Vishwanathan and MK Jain have met the representatives of LIC and Orix Corporation of Japan, the two largest shareholders
which own 25.34 and 23.54 per cent stake in the company, respectively, sources said, but refused to share the contours of the meeting
The Abu Dhabi Investment Authority, HDFC, Central Bank of India and SBI hold 12.56 per cent, 9.02 per cent, 7.67 percent and 6.42 per cent,
payment on various debt repayments since August 27
It has over Rs 91,000 crore in debt at the consolidated level
Financial Services defaulted on bank loans, including interest of Rs 284.5 crore to five banks
held earlier this month, the key shareholders of the debt-ridden company, including LIC, SBI and HDFC, had kept a pre-condition for it to
has even put on block its headquarters in the city for around Rs 1,300 crore
On September 4, it came to light that ILFS had defaulted on a short-term loan of Rs 1,000 crore from Sidbi, while its subsidiary has also
defaulted Rs 500 crore dues to the development finance institution.(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
