IL&FS has a debt burden of over Rs 90,000 crore.
Revealing a three-part strategy, debt-hit Infrastructure Leasing & Finance Services (IL&FS) said on Saturday that it needs to have a successful rights issue to recapitalise itself. In August, IL&FS's board approved a Rs 4,500-crore rights issue and a Rs 3,000-crore debt-reduction plan through asset sales. "IL&FS wants to have liquidity to repay the creditors till assets are sold," said IL&FS Vice Chairman & Managing Director Hari Sankaran said at the annual general meeting (AGM). The three-part strategy of IL&FS includes a successful rights issue, liquidity and selling of assets to repay the creditors, Mr Sankaran said at the AGM, which was attended by more than two dozen shareholders in Mumbai.