IL&FS's other major shareholders include Japan's Orix Corp and the Abu Dhabi Investment Authority, according to the company's website up to the end of the financial year to March 2018.
Speculation mounted before a shareholder meeting on Saturday after a message attributed to brokerage Equirus Securities Pvt. began circulating on WhatsApp, said Bhavin Mehta, an analyst at Dolat Capital Market Ltd.
PNB said the capital infusion by the Centre would be through the preferential allotment of the bank's equity shares at a price determined as per Sebi regulations. The extraordinary general meeting (EGM) for obtaining shareholders' approval in this regard will be held on October 30, PNB said.
Written by Saurabh Gupta | Thursday September 27, 2018
Experts believe the government is doing this in a bid to check the fall of the rupee and reduce the current account deficit which is expected to be around 2.8 per cent this year.
The RBI had earlier called a meeting with key shareholders of IL&FS, including Life Insurance Corporation of India (LIC) and State Bank of India, after the company and its subsidiaries defaulted on repayments of various debt instruments.
The government has been working on a package for Air India after plans to sell a majority stake in the debt-laden airline failed this year due to a lack of interest from bidders.
Existing investors including SoftBank Vision Fund, Sequoia Capital and Lightspeed Venture Partners have put in $800 million, with commitments for another $200 million, the company said.
Versace, known for its flamboyant style and Medusa-head logo, hired Chief Executive Officer Jonathan Akeroyd in 2016 from Alexander McQueen. The company had been working toward an initial public offering, though market conditions haven't allowed it to move ahead.
Ajit Mohan, who will join Facebook from video streaming service Hotstar, will take up the role of managing director and vice-president of Facebook India from early next year, Facebook said.
