IFCI stock jumps after selling entire stake in NSE

Industrial Finance Corporation of India Limited (IFCI) said in a stock exchange filing on December 24 that it has raised Rs 805.60 crore, representing about the total committed amount, by selling its stake in the National Stock Exchange Limited (NSE). Around 1.30 pm, the shares of IFCI were trading at Rs 6.90 apiece, up by 9.87 per cent.

The first Development Financial Institution (DFI) of the country, IFCI, had earlier this month, discussed about the disinvestment of IFCI’s entire stake in the NSE comprising 1,20,66,871 shares, which is 2.44 per cent of the total equity shares of the NSE. However, the company informed that the process for receipt of approval for remaining quantity is underway. Meanwhile, IFCI did not disclose the name of the buyers.

IFCI is a Non-Banking Finance Company (NBFC) in the public sector and has 7 subsidiaries and 1 associate. It provides financial support for the diversified growth of airports, roads, telecom, power, real-estate, manufacturing, services sector, etc. During its 70 years of existence, mega-projects like Adani Mundra Ports, GMR Goa International Airport, Salasar Highways, NRSS Transmission, Raichur Power Corporation, were set up with the IFCI’s financial assistance.

At the time of market closing, IFCI quoted at Rs 6.76, up by 7.64 per cent, from its previous close of Rs 6.28. Its 52-week high is Rs 15.35 and 52-week low is Rs 6.00.