IFCI has reportedly taken possession of 4 Orbit Corporation’s properties situated in Mumbai to recover loan of around Rs 57.90 crore.
Earlier on May 26, 2014, IFCI sold 735,000 shares of Orbit Corporation at Rs 23.45 on the NSE while on May 23, it sold 1.09 million shares at Rs 25.25 on the NSE.
Orbit Corporation is a leading Mumbai real estate developer focused on luxury real estate development in South Mumbai, while IFCI was established with intent to provide long-term finance needs of the industrial sector.