IFCI stake sale not imminent-source
Financial institution IFCI Ltd expects a net profit growth of about 20 percent for 2007/08, and is unlikely to rush with a stake sale plan, an official told the media on Wednesday. IFCI trebled its net profit to 6.68 billion rupees during 2006/07.
By Agencies |
NEWDELHI: Financial institution IFCI Ltd expects a net profit growth of about 20percent for 2007/08, and is unlikely to rush with a stake sale plan, an officialtold the media on Wednesday. IFCI trebled its net profit to 6.68 billion rupeesduring 2006/07.
The company'sboard is to meet on April 29 to finalise the 2007/08 financial results, theofficial, who did not wish to be identified, said. The chief executive could notbe contacted. IFCI shares were up about 7 percent at 62.9 rupees at noon onmarket talk of a possible revival of stake saleplan.
"Our capital adequacyratio is comfortable at 17 percent. So we don't need capital infusion at thisstage," the official said. In December 2007, the board of IFCI rejected an offerof a consortium of Sterlite Industries and Morgan Stanley tobuy a 26 percent stake.
Thefederal finance minister had backed IFCI's decision to reject the bid offer inDecember, but said the company could get more offers when a rebidding isinitiated. He did not give a time frame for the rebidding. In the federal budgetfor 2008-09, the government has pledged a 4.33-billion-rupee package to IFCI tohelp the company restructure its liabilities.
The company'sboard is to meet on April 29 to finalise the 2007/08 financial results, theofficial, who did not wish to be identified, said. The chief executive could notbe contacted. IFCI shares were up about 7 percent at 62.9 rupees at noon onmarket talk of a possible revival of stake saleplan.
"Our capital adequacyratio is comfortable at 17 percent. So we don't need capital infusion at thisstage," the official said. In December 2007, the board of IFCI rejected an offerof a consortium of Sterlite Industries
Thefederal finance minister had backed IFCI's decision to reject the bid offer inDecember, but said the company could get more offers when a rebidding isinitiated. He did not give a time frame for the rebidding. In the federal budgetfor 2008-09, the government has pledged a 4.33-billion-rupee package to IFCI tohelp the company restructure its liabilities.
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