IFCI plans to sell more stake in NSE within a month

MUMBAI: Term lending institution IFCI has sold 1.5 per cent of its stake in National Stock Exchange ( NSE) to a Mauritius based PE fund for Rs 263.2 crore, a deal that would value the exchange at Rs 17540 crore.

Speaking to ET, Malay Mukherjee, CEO & MD of IFCI said, “The sold NSE stake mainly because we plans to exit from non-core businesses. We have non-core assets valuing Rs 3000 crore.” The institution has sold NSE stake at Rs 3900 per share. He however declined to name the investor.

Besides selling its stake in NSE, IFCI has also sold properties worth Rs 100 crore this fiscal year, Mukhrejee said.

Post this transaction, IFCI stake in NSE has fallen to 4 per cent. “We will sell another 1 per cent in a month. Negotiations are on,” said Mukherjee. “This sale has created lot of appetite from investors and we are now receiving offer for our balance stake in the exchange,” he added.

He said that the proceeds of the stake sale will help IFCI to make provisions for bad loans and also to boost its profits. The company posted net profit of Rs 101.5 crore in quarter ending June 2015 against Rs 94.4 crore earned in same quarter a year ago.

State Bank of India is among the largest shareholder in NSE with 10 per cent stake other banks include Bank of Baroda, Union Bank, Punjab National Bank and Oriental bank of Commerce.