IFCI has received board’s approval for disinvestment of entire 45.50% shareholding comprising 4,550 equity shares with face value of Rs 100 each in HARDICON, a non-listed associate company of IFCI.
Besides, the company has offered to offload 25% of its 3.05% stake constituting 3,43,188 equity shares (pre-split) through IPO of National Stock Exchange (NSE). This disclosure is being given on filing of the Draft Red Herring Prospectus by NSE with SEBI. The company had earlier decided to sell remaining 3.05% stake in equity of NSE.
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.
