IIFCL is a government-owned entity, which is registered as a non-deposit accepting loan company with the Reserve Bank of India.
Former finance secretary Garg had last year opted for voluntary retirement after being transferred to Power ministry
This infusion has increased the paid-up equity share capital of IIFCL to Rs 9,999.92 crore against the authorized share capital of Rs 10,000 crore.
Another Rs 10,000 crore will be infused in 2020-21
Delhi-based infrastructure lending company has seen pressure on its capital adequacy due to higher provisions for non-performing assets
Hybrid-annuity model, lending restrictions have helped the lender manage its books better
IIFCL is already in process of setting up the company and applying for permission, the offical said