Eight suitors participate in IFCI pre-bid meet
The meeting was held with the intention to familiarise the bidders about the company, says an IFCI official. Retired IFCI employees seek pending claims
By PTI |
NEW DELHI: Eight suitors for picking up 26 per cent stake in IFCI, including three consortia, took part in a pre-bid meeting organised by Industrial Finance Corporation of India (IFCI) here on Wednesday.
The meeting was held with the intention to familiarise the bidders about the company, an IFCI official said.
After the meeting, a representative of Standard Chartered Bank, which is participating with W L Ross, Goldman Sachs and HDFC, said, "we are not yet decided whether we pick up 26 per cent stake in the company or not."
An official of France-based Natixis said the company sees growth opportunity in partnership with IFCI which would help it achieving regional and business objectives.
US-based private equity firm Newbridge Capital and Kotak Mahindra Bank, which had earlier evinced interest in the stake sale process, did not participate in the meeting as they are out of the next stage of bidding process.
Newbridge had yesterday said, "we withdrew the bid given the changed circumstances."
However, the other suitors Kotak Mahindra Bank was not invited for the pre-bid meeting.
The IFCI share price has been on the rise since the company announced its decision to go for strategic sale. But it fell by 4.18 per cent to Rs 96.35 on Bombay Stock Exchange.
However, commenting on the realistic price of the company one of the bidders after the meeting said, the fair price value of the company seems to be below Rs 75 per share.
IFCI would come up with Request for Proposal sometime during the second week of this month for the remaining eight suitors - IDFC, GE Capital, Cargill Ventures, French banking company Natixis and US-based private equity firm Blackstone.
The meeting was held with the intention to familiarise the bidders about the company, an IFCI official said.
After the meeting, a representative of Standard Chartered Bank, which is participating with W L Ross, Goldman Sachs and HDFC, said, "we are not yet decided whether we pick up 26 per cent stake in the company or not."
An official of France-based Natixis said the company sees growth opportunity in partnership with IFCI which would help it achieving regional and business objectives.
US-based private equity firm Newbridge Capital and Kotak Mahindra Bank, which had earlier evinced interest in the stake sale process, did not participate in the meeting as they are out of the next stage of bidding process.
Newbridge had yesterday said, "we withdrew the bid given the changed circumstances."
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However, the other suitors Kotak Mahindra Bank was not invited for the pre-bid meeting.
The IFCI share price has been on the rise since the company announced its decision to go for strategic sale. But it fell by 4.18 per cent to Rs 96.35 on Bombay Stock Exchange.
However, commenting on the realistic price of the company one of the bidders after the meeting said, the fair price value of the company seems to be below Rs 75 per share.
IFCI would come up with Request for Proposal sometime during the second week of this month for the remaining eight suitors - IDFC, GE Capital, Cargill Ventures, French banking company Natixis and US-based private equity firm Blackstone.
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