IFCI has inked a Share Purchase Agreement (SPA) with Axis Bank for disinvesting its entire stake in Assets Care and Reconstruction Enterprise (ACRE) (73,28,334 number of equity shares constituting 13.67% of the total outstanding shares) of face value of Rs 10 per share to Axis Bank, resulting in total cash consideration of Rs 22.72 crore.
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.
