IFCI Chairman resigns amid stake sale process
Amid the process of sale of 26 per cent stake in IFCI, its Chairman has resigned saying there was a clash of interest with one of the bidders.
By PTI |
NEW DELHI: Amid the process of sale of 26 per cent stake in IFCI, its Chairman N Balasubramanian has resigned saying there was a clash of interest because of his involvement with one of the bidders.
IFCI, which received preliminary bids from 10 entities for buying the stake, would take up the matter at its board meeting scheduled for September 20, which would be followed by shareholders' meeting the next day.
Corporation sources maintain that the development is not expected to stall the process of stake sale as financial bids has not yet been invited.
Balasubramanian put in his papers hours before Expressions of Interest (EoI) from interested parties to take 26 per cent stake in the company were opened yesterday, IFCI sources said.
The IFCI Chairman was also advisor to Standard Chartered Bank, one of the entities in a consortium that has submitted EoI.
Besides, nine other companies and consortia evinced interest in picking up stake in IFCI.
IFCI, which received preliminary bids from 10 entities for buying the stake, would take up the matter at its board meeting scheduled for September 20, which would be followed by shareholders' meeting the next day.
Corporation sources maintain that the development is not expected to stall the process of stake sale as financial bids has not yet been invited.
Balasubramanian put in his papers hours before Expressions of Interest (EoI) from interested parties to take 26 per cent stake in the company were opened yesterday, IFCI sources said.
The IFCI Chairman was also advisor to Standard Chartered Bank, one of the entities in a consortium that has submitted EoI.
Besides, nine other companies and consortia evinced interest in picking up stake in IFCI.
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