IFCI is eyeing to raise Rs 790 crore through secured, redeemable Non-Convertible Debentures (NCDs) in order to fund its business growth. The total amount for which the securities will be issued - Rs 250 crore (base issue size) with an option to retain over-subscription up to the residual shelf limit.
The proposed issue would open for subscription on January 1 and close on February 4, 2015. The Committee of Directors at its meeting held on December 23, 2014 has approved for the same.
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.
