State-run IFCI, which is in the process of divesting non-core assets, is reportedly looking to sell some stake in National Stock Exchange (NSE). Company’s overall stake on NSE stands at 8.4%. However, the plans for selling non-core Assets are not for augmenting its profitability. Meanwhile, the company is looking for reducing gross non performing loans by 2%.
IFCI’s listed non-core investment presently stand at Rs 7000 crore, while non-core investment stand at Rs 12,000 crore. Previously, the company reported that it was planning to sell part of its stake in factoring business subsidiary -- IFCI Factors -- by the end of this fiscal. In this regard, the company also started the process of due diligence.
IFCI was established with intent to provide long-term finance needs of the industrial sector. It founded and developed various institutions namely ICRA for credit assessment rating, Tourism Finance Corporation of India (TFCI) for promotion of the hospitality industry, among others.
