LIC, SBI, Orix offers to subscribe IL&FS ₹4,500 right issues

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Life Insurance Corp (LIC), Japanese based-Orix Corp and State Bank of India on Saturday have offered to subscribe ₹4,500 crore rights issue in IL&FS.

LIC has been the largest shareholder of the company with 25% stake, whereas, Orix Corp owned 23% stake and State Bank of India has only 7% ownership in the company.

A shareholder told MoneyControl, “There is a rights issue which is running and will be over by October end. LIC, SBI, and Orix are going to subscribe to the bulk of it. They are hoping to raise Rs 4500 crore

During the company’s annual meet on Friday, Reserve Bank of India recommended LIC and Orix to restrict capital infusion. The IL&FS group has been in the news since it defaulted first 7 and then total 10 payment in September making Ramesh Bawa along with some other directors quit the company. 

The Cash-strapped company has over ₹90,000 crore debt obligation and is in dire need of the capital infusion of ₹3,000 crore. In order to cater the same, it is mulling to give away ₹4,500 rights issue.

IL&FS defaulted on ₹1,000 crore bank loan against SIDBI followed by a fresh debt obligation of ₹393 crore which included short term-deposits, term deposits and bank loans.

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