The story
IL&FS was formed in 1987 as an "RBI registered Core Investment Company" by three financial institutions, namely the Central Bank of India (50.5%), UTI (30.5%) and HDFC (19%), to provide finance and loans for major infrastructure projects.it held status as Quasi-Public Sector as it was backed by public sector. Gradually, as the organisation needed better financing, it additionally opened itself to two large international players, namely Mitsubishi (through Orix corporation Japan) and the Abu Dhabi Investment authority. Subsequently, Life Insurance Corporation India (25.34%), Orix and ADIA became its largest shareholders, a pattern that continues to this day.
Currently, its institutional shareholders include Life Insurance Corporation of India (LIC), Orix and Abu Dhabi Investment Authority, with small shareholdings by a few Indian banks. State Bank of India (SBI) was a share holder till 2017, after which it sold its stake in the company. A few foreign investors including Greenspring associates remain investors in its subsidiary companies, especially IL&FS transportation and IL&FS infrastructure services.
In 2012, A2Z Group acquired the property management subsidiary of IL&FS (IL&FS Property Management & Services Ltd) in a cash and stock deal. The deal was done through its subsidiary A2Z Infraservices Ltd for ₹ 25 crore. While ₹7 crore cash payment was made to IL&FS Infrastructure Equity Fund and IL&FS Employees Welfare Trust, the infrastructure major also took a 20% stake in A2Z Infraservices by way of a stock swap.
In April 2019, its newly constituted board informed investors that the company had 302 entities through which it currently operates.
From Wikipedia’s article on Infrastructure Leasing & Financial Services, shared under CC BY-SA 4.0.4