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The Union Cabinet yesterday approved infusion of Rs 60 crore in Industrial Finance Corporation of India (IFCI) Ltd to make it a government company by way of acquisition of preference shares from existing shareholder(s).
Malay Mukherjee, MD and CEO of IFCI in an interview to CNBC-TV18 clarified that the government infusing Rs 60 crore in the company would not bring in cash into the company books but in fact government would be buying preference shares from some banks or existing shareholders to increase their stake in IFCI. The government would now hold 51 percent stake in IFICI, he added. The Union Cabinet yesterday approved infusion of Rs 60 crore in Industrial Finance Corporation of India (IFCI) Ltd to make it a government company by way of acquisition of preference shares from existing shareholder(s). Mukherjee also clarified that the company as of now is adequately capitalised and is not looking for any further capital infusion. Commenting on the 2.5 percent National Stock Exchange (NSE) stake sale, he said the company is currently in negotiations with a foreign fund and expects to close the deal in fourth quarter by January end or February. The company had got 2-3 bids earlier but the price was below their expectations. Tourism Finance Corporation of India (TFCI) for the company has always been a strategic investment and disposing of 2 percent stake was just to book some profitts They still hold 26 percent stake in the TFCI, said Mukherjee.
Malay Mukherjee, MD and CEO of IFCI in an interview to CNBC-TV18 clarified that the government infusing Rs 60 crore in the company would not bring in cash into the company books but in fact government would be buying preference shares from some banks or existing shareholders to increase their stake in IFCI. The government would now hold 51 percent stake in IFICI, he added. The Union Cabinet yesterday approved infusion of Rs 60 crore in Industrial Finance Corporation of India (IFCI) Ltd to make it a government company by way of acquisition of preference shares from existing shareholder(s). Mukherjee also clarified that the company as of now is adequately capitalised and is not looking for any further capital infusion. Commenting on the 2.5 percent National Stock Exchange (NSE) stake sale, he said the company is currently in negotiations with a foreign fund and expects to close the deal in fourth quarter by January end or February. The company had got 2-3 bids earlier but the price was below their expectations. Tourism Finance Corporation of India (TFCI) for the company has always been a strategic investment and disposing of 2 percent stake was just to book some profitts They still hold 26 percent stake in the TFCI, said Mukherjee.
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