IFCI has sold 1,93,72,020 number of equity shares representing 24% of the stake in Tourism Finance Corporation of India (TFCI) at an average price of Rs 150.03 on September 29, 2017.
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.