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IL&FS likely to get a ₹4,000 crore lifeline from LIC
IL&FS is looking to raise a total of at least 9,000 crore through rights issue and loans. LIC holds 25.34% in IL&FS, while HDFC Ltd has 9.02%, Central Bank of India holds 7.67% and State Bank of India owns 6.42%. Most of the debts arise from loans given by the group's subsidiaries IL&FS Financial Services Ltd, IL&FS Energy Development Co Ltd, IL&FS Transportation Networks Ltd and IL&FS Maritime Infrastructure Co Ltd IL&FS has 24 direct and 135 indirect subsidiaries.
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