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'LIC to rescue IL&FS; revival plan approved'
Over the last 60 days, IL&FS and its subsidiaries have seen a cash crunch, resulting in a flurry of downgrades. As per sources, IL&FS will hold an extraordinary general meeting (EGM) in 15 days from now to finalise capital-raising plans. IL&FS said two weeks ago its board of directors had approved a rights issue of Rs 4,500 crore. Separately, IL&FS' roads development subsidiary, IL&FS Transportation Networks (ITNL), has also announced a rights issue of Rs 3,000 crore.
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