News digest: IL&FS mess, G-sec buybacks, IPO market, Asia Cup, and more

RBI freed up about Rs 2 trillion worth of liquidity for the banking system by tweaking how the solvency ratio is calculated, effective October 1

Crisis-hit IL&FS looks to exit long-term project financing business

Shareholders of Infrastructure Leasing & Financial Services (IL&FS) are discussing a restructuring proposal under which the company will focus mainly on the management and execution of infrastructure projects, including engineering, procurement and construction (EPC) contracts, and exit the financing of long-term projects.

Some assets of the infrastructure development and finance major, which is facing a severe liquidity crunch, will also be put up for sale to pare its debt. 

A top source aware of the developments in IL&FS said the company had strong project management and execution skills for infrastructure projects,