LIC, Orix, SBI to subscribe to Rs 45 billion IL&FS rights issue

In a major breather to the crippled infra lender and engineering group IL&FS, its largest shareholders LIC and Orix Corp and also SBI Saturday announced they would subscribe to the proposed Rs 45 billion rights issue of the company.

The announcement came at the annual general meeting (AGM) of the company that has been defaulting on debt obligations.

Talking to reporters after the AGM, a shareholder, who wished not to be identified, said LIC, the single largest shareholder with over 25 per cent, and Japan's Orix Corp, which owns a little over 23 per cent stake, would raise their ownership in the