India: LIC likely to subscribe to $551m NCDs of IL&FS

State-run insurer Life Insurance Corp of India (LIC) is likely to subscribe to non-convertible debentures (NCDs) worth up to Rs 4,000 crore ($551.32 million) that IL&FS Group is planning to issue in order to avail capital for servicing its debt. The NCD issuance is part of IL&FS’s Rs 9,000 crore ($1.24 billion) capital raising programme for the current fiscal year.