IFCI tanks as board approves OCD conversion
IFCI Ltd slipped over 3 per cent in afternoon trade after its Board of Directors decided to proceed with the conversion of Optionally Convertible Debentures.
By ET Online | Updated:
NEW DELHI: IFCI Ltd, a non-banking finance company (NBFC), slipped over 3 per cent in afternoon trade after its Board of Directors decided to proceed with the conversion of Optionally Convertible Debentures (OCDs).
“The Board of Directors of the Company at its meeting held on October 04, 2012 has decided to proceed with the conversion of Optionally Convertible Debentures held by the Central Government for Rs. 400 crore and financial assistance of Rs. 523 crore,” IFCI said in a filing with stock exchanges.
At 03:10 pm, IFCI was trading 4.3 per cent lower at Rs 29.40. It has hit a low of Rs 28.95 and a high of Rs 31.90 in trade today.
“The Board of Directors of the Company at its meeting held on October 04, 2012 has decided to proceed with the conversion of Optionally Convertible Debentures held by the Central Government for Rs. 400 crore and financial assistance of Rs. 523 crore,” IFCI said in a filing with stock exchanges.
At 03:10 pm, IFCI was trading 4.3 per cent lower at Rs 29.40. It has hit a low of Rs 28.95 and a high of Rs 31.90 in trade today.
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