IFCI has received its board’s approval for partial divestment of its shareholding in Stock Holding Corporation of India (SHCIL), a provider of custodial, depository and online stock trading services. This approval is expected to pave the way for SHCIL to tap the public markets with an initial public offering.
Meanwhile, the company’s board also gave its nod for selling its entire stake in IFCI Assets Care and Reconstruction and Enterprise (ACRE), an asset reconstruction company promoted by IFCI along with other banks and financial institutions.
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.
