Just a month ago, IL&FS had earlier reduced its dividend from Rs 6 to Re 1 per share. The dividend was scrapped after its debenture trustee – Centbank Financial Services did not give permission to offer dividend to its shareholders. Centbank's action came after the company defaulted on its debentures.
IL&FS shareholders include Life Insurance Corporation of India (LIC) which owns 25.34 per cent, HDFC Ltd has 9.02 per cent, Central Bank of India (7.67 per cent) and State Bank of India (6.42 per cent). These institutions jointly hold around 49 per cent shareholding in IL&FS while foreign institutional investors including ORIX Corporation, Japan owns 23.54 per cent and Abu Dhabi Investment Authority, Abu Dhabi holds 12.56 per cent of the stake.
As a part of the plan for de-leveraging the balance sheet and monetisation of the portfolio, IL&FS now plans to raise equity capital of Rs 45 billion by way of rights issue and raise a line of credit of Rs 35 billion from LIC and SBI to meet any temporary liquidity requirement.
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