IFCI is planning to sell its stake in three companies, including National Stock Exchange (NSE). The board has already given in-principle approval for sale of 2.5 percent stake in NSE. Currently, the company holds 5.44 per cent stake in the premier bourse. Besides, the company also wants to sell its stake in IFCI Factors and IFCI Financial Services.
The company is planning to sell 25-26% stake in IFCI Factors so that the majority stake remains with IFCI. The company holds 100 percent stake in IFCI Factors.
Recently, IFCI reported a 24% rise in its net profit at Rs 173.79 crore for the second quarter ended September this year on account of significant reduction in provisions. The provisions for bad or doubtful assets were cut to Rs 117.59 crore during the September quarter 2014-15, from Rs 208.39 crore a year ago.