India's IL&FS wins shareholder approval for restructuring plan

Photo: Reuters

India’s troubled Infrastructure Leasing and Financial Services Ltd (IL&FS), whose recent defaults have roiled Indian markets, said on Sunday its shareholders have approved a plan allowing it to raise fresh funds through debt and equity issuances.

The shareholder approval gives the privately-held Indian infrastructure financing and construction firm a lifeline and time to sell some of its infrastructure assets and restructure its 910 billion rupee ($12.55 billion) debt pile.

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