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Crisis-hit IL&FS can raise Rs 700 billion by selling assets, says LIC

LIC also says it is open to raising stake in the firm

Crisis-hit IL&FS can raise Rs 700 billion by selling assets, says LIC
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On September 14, IFIN defaulted for the second time on redemption of ~1.05 billion of commercial paper

Arup RoychoudhuryDev Chatterjee New Delhi/Mumbai
Beleaguered IL&FS can raise up to Rs 700 billion by selling its assets, the Life Insurance Corporation of India Chairman V K Sharma said in New Delhi on Friday. LIC was open to raising stake in the company by participating in its rights issue, he added.

Sharma, along with State Bank of India Chairman Rajnish Kumar and Central Bank of India Managing Director Pallav Mohapatra, met Economic Affairs Secretary Subhash Garg in the finance ministry on Friday to discuss options to bail out IL&FS. 

Earlier in the day, the Reserve Bank of India also met IL&FS shareholders in Mumbai. The

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First Published: Sep 29 2018 | 1:27 AM IST

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