IFCI has fixed Rs 107 per share as conversion price for debentures amounting to Rs 1,323.99 crore held by creditor banks and insurance companies.The committee of directors of IFCI constituted for the purpose of conversion of zero coupon optionally convertible debentures held by public sector banks and financial institutions, has decided to issue 12,37,37,735 shares at Rs 107 per share to the banks and FIs.IFCI has charged a premium of Rs 97 per share from the banks and FIs.All creditor banks and some insurance companies converted their entire debentures into equities while some insurance companies converted that amount of debentures, which would keep their stake in IFCI at current level post-share issues.The banks and FIs together held debentures worth Rs 1,479 crore.
