Beleagured infra financier IL&FS\u2019 biggest shareholder, Life Insurance Corporation (LIC) on Friday said it is open to increasing its 25.3% stake in IL&FS by subscribing to the planned Rs 4,500-crore rights issue. LIC said the Mumbai-based firm should be able to recover Rs 60,000 crore by selling its assets. IL&FS has a consolidated debt pile of Rs 91,000 crore and total liabilities in excess of Rs 1 lakh crore. VK Sharma, chairman, LIC, told a television news channel, the insurer, which has an investment of Rs 2, 000 crore in IL&FS, has not invested any money in the firm since 2013. On August 29, the IL&FS board approved a rights issue of 30 crore shares at `150 each, proposing to raise about Rs 4,500 crore. The rights issue is proposed to be completed by the end of October. Also, on Friday, sources confirmed the Reserve Bank of India met with representatives of the company\u2019s two largest shareholders \u2014 LIC and Orix Corporation of Japan \u2014 to decide on the revival of IL&FS and the future course of action. Deputy governors NS Vishwanathan and MK Jain met with the shareholders, according to sources, but further details could not be ascertained. After LIC, Orix Corporation of Japan is the second largest shareholder of IL&FS with a 23.54% stake, followed by Abu Dhabi Investment Authority, HDFC, Central Bank of India and State Bank of India with 12.56%, 9.02%, 7.67%, and 6.42% each, respectively. The embattled firm is also reportedly seeking additional credit facilities from its key shareholders. On Tuesday, speaking on the sidelines of a press conference, SBI chairman Rajnish Kumar had said that there was no concrete proposal yet from IL&FS and the bank would take a call when the proposal is finalised. Earlier this month, IL&FS said it expects to receive about Rs 30,000 crore from the sale of about 25 assets it has identified across its roads and energy portfolios. According to sources, the troubled finance and infrastructure developer has appointed Ernst & Young India to conduct a valuation exercise for its assets while SBI Caps has been appointed to look over its roads portfolio and devise a way to alleviate its severe liquidity crunch. On Thursday, IL&FS Financial Services said it defaulted on bank loans, including an interest of Rs 284.5 crore to five banks. The company also said it defaulted on repayments of `103.53 crore of term deposit and `Rs 52.43 crore of short-term deposit. In addition, IL&FS is behind payment on commercial paper worth approximately over Rs 500 crore over the last one month.