IFCI hikes foreign holding limit to 74 pc
Industrial Finance Corporation of India (IFCI) on Saturday said the total investment limit for foreign institutional investors has been raised to 74 per cent in the company.
By PTI |
MUMBAI: Industrial Finance Corporation of India (IFCI) on Saturday said the total investment limit for foreign institutional investors has been raised to 74 per cent in the company.
The shareholders at the Annual General Meeting held recently, approved the raising of FII limit in the company to 74 per cent from 24 per cent presently, the company informed the Bombay Stock Exchange.
As on September 30, Foreign Institutional Investors held 21.2 per cent stake in the company.
Currently, IFCI is in the process of inducting a strategic investor by sale of 26 per cent stake in the company. It has already shortlisted eight entities out of 10 which had submitted Expression of Interest (EoI) while two entities-Newbridge Capital of the US and Kotak Mahindra Bank had opted out of the race.
GE Corporation, Industrial Development Financial Company Ltd, Cargill Financial Services Corporation, Natixis, the Blackstone Group are in the fray. The three consortia - Sterlite Industries (India) Ltd, Morgan Stanley and Co Consortium, WL Ross and Co LLC, GS Capital Partners (VI) Fund, Standard Chartered Bank and HDFC, Shinsei Bank Ltd, PNB and JC Flower and CO LLC are also in the race.
The company will start the process of inviting the financial bids next week and expects to finalise the stake-sale process within two-and-a-half months.
Earlier this week, IFCI CEO and MD Atul Kumar Rai said the company would float request for proposal (RFP) within a week and expects to receive bids in two months' time. It hopes to finalise strategic investor in two-and-a-half months.
Rai also said there could be a consolidation of bidders, indicating the number of bidders could go down from the present eight.
The shareholders at the Annual General Meeting held recently, approved the raising of FII limit in the company to 74 per cent from 24 per cent presently, the company informed the Bombay Stock Exchange.
As on September 30, Foreign Institutional Investors held 21.2 per cent stake in the company.
Currently, IFCI is in the process of inducting a strategic investor by sale of 26 per cent stake in the company. It has already shortlisted eight entities out of 10 which had submitted Expression of Interest (EoI) while two entities-Newbridge Capital of the US and Kotak Mahindra Bank had opted out of the race.
GE Corporation, Industrial Development Financial Company Ltd, Cargill Financial Services Corporation, Natixis, the Blackstone Group are in the fray. The three consortia - Sterlite Industries (India) Ltd, Morgan Stanley and Co Consortium, WL Ross and Co LLC, GS Capital Partners (VI) Fund, Standard Chartered Bank and HDFC, Shinsei Bank Ltd, PNB and JC Flower and CO LLC are also in the race.
The company will start the process of inviting the financial bids next week and expects to finalise the stake-sale process within two-and-a-half months.
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Earlier this week, IFCI CEO and MD Atul Kumar Rai said the company would float request for proposal (RFP) within a week and expects to receive bids in two months' time. It hopes to finalise strategic investor in two-and-a-half months.
Rai also said there could be a consolidation of bidders, indicating the number of bidders could go down from the present eight.
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