Orix, a Japan-based diversified financial services firm, is interested in buying the 8.34% stake owned by Central Bank of India in IL&FS. There are already six other entities, which have evinced interest in acquiring the stake, which the bank has decided to sell. The top three shareholders of IL&FS are LIC (25.34%), Orix (23.04%) and Abu Dhabi Investment Authority (11.09%). The bank has appointed SBI Capital Markets to look for a potential buyer. The bank expects to earn Rs 860 crore from selling the 98.43 lakh shares of IL&FS. The sale will help the bank to meet Basel III capital adequacy norms, whcih will come into effect from April 2019.
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