Life Insurance Corporation Open To Taking Part In IL&FS Rights Issue
Mumbai: Life Insurance Corporation is open to participating in a rights issue by debt-ridden Infrastructure Leasing & Financial Services (IL&FS), the insurer's chairman VK Sharma told reporters on Friday.
IL&FS is a major Indian infrastructure finance and construction company, which has built up big debts and is now facing a credit crunch.
IL&FS's board in August approved raising funds via a Rs 4,500 crore ($620.65 million) rights issue and a Rs 3,000 crore debt-reduction plan through asset sales.
LIC, the country's largest state-run insurer, might also look at raising its equity stake in IL&FS, subject to regulatory permission, Mr Sharma said, adding that the value of assets of the IL&FS was Rs 60,000 crore.
Mr Sharma and Ranjish Kumar, chairman of State Bank of India, were set to meet the economic affairs secretary on Friday to discuss the IL&FS crisis, a source familiar with the matter said.
IL&FS's other major shareholders include Japan's Orix Corp and the Abu Dhabi Investment Authority, according to the company's website up to the end of the financial year to March 2018.
($1 = Rs 72.5050)
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