Il&fs To Get $2.1 Bn Lifeline, Alvarez & Marsal To Come Up With Revamp Plan | Business Standard News
IL&FS outlines restructuring proposal. : An Indian financier that roiled markets by defaulting on debt unveiled details of its restructuring proposal over the weekend, including hiring a firm to turn around the distressed company. Stockholders endorsed Infrastructure Leasing & Financial Services Ltd.’s plan to raise as much as 150 billion rupees ($2.1 billion) through a non-convertible debt sale, and increase the firm’s borrowing limit by 100 billion rupees to 350 billion rupees, IL&FS said in a filing. The lender also got permission to boost its share capital to enable a rights offering.