Millennium Post

SEBI nod to govt adding stake in IFCI

Market regulator SEBI has approved a proposed hike of the government's stake in IFCI Ltd to 55.57 per cent to make it a state-run company, without triggering an open offer for shares of public investors.

The Union Cabinet last month approved a proposal for conversion of debentures worth Rs 923 crore into shares of IFCI (Industrial Finance Corporation of India Ltd), following which the government's stake in the financial institution would rise to 55.57 per cent, from a meagre 0.0000011 per cent currently.    
Next Story
Share it