LIC stalling Piramal deal led to crisis, say IL&FS insiders

In 2015, a deal was almost finalised where Ajay Piramal would pick up stake in the group at Rs 750 per share. However, it did not go through as LIC — which is the main the shareholder with a 25.34 per cent stake — had stuck to a valuation of Rs 1,150.

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