IFCI surges 12% on receiving Rs 280 cr from Bhushan Steel resolution

The share price of IFCI jumped sharply by over 12 per cent on the bourses in Friday’s trading after the company received Rs 280 crore from the resolution of Bhushan Steel. The company was one of the financial creditors to Bhushan Steel and had filed claimed for the same. 
  
Bhushan Steel, which was running through the process of corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016, has successfully achieved resolution. The company achieved the resolution under a resolution plan proposed by Bamnipal Steel, a subsidiary of Tata Steel and approved by the NCLT.   According to the resolution plan, the company was allotted 5,79,277 fully paid-up equity shares of Bhushan Steel for a face value of Rs 2 per share.  
  
IFCI hit intra-day high of Rs 19.75 and intra-day low of Rs 16.70 on the BSE on Friday. The stock ended at Rs 18.85, up by 11.87 per cent on the BSE. Meanwhile, S&P BSE Sensex closed at 34,924.87 level, up by 0.76 per cent and NSE Nifty50 ended at 10,605.15 level, up by 0.87 per cent.  
  
IFCI had hit its 52-week high of Rs 34.55 on January 15, 2018 and its 52-week low of Rs. 16.40 on May 24, 2018 on the BSE.