Institutional lender IFCI has issued 40 crore shares at par of Rs 10 each amounting to Rs 400 crore to the government of India (GoI). The shares were issued on conversion of optionally convertible debentures totaling the same amount held by the government. The move came a day after a Calcutta High Court dismissed a petition challenging the acquisition of control of the listed firm by the government.
Following the issue, the central government has become the largest shareholder in the company with a holding of 35%. The issue has expanded the equity base of the company as total shares outstanding increased to 1.13 billion shares from 737 million earlier.
IFCI is engaged in providing corporate loans and project-specific loans to corporate. In addition, IFCI also invests in companies through equity, preference shares and debt instruments.
| Company Name | CMP |
|---|---|
| Power Finance Corp | 464.85 |
| REC | 373.35 |
| Indian Railway Fin. | 104.85 |
| NHIT | 151.00 |
| Satin Creditcare | 174.75 |
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