IFCI, the country's oldest financial institution, will invite bids later this month for the sale of 26% stake to a strategic investor."We will float a global advertisement for inviting bids for strategic sale of stake in the next 10-15 days," R M Malla, chief executive officer, IFCI said.Meanwhile, the company has appointed Atul Kumar Rai as the new chairman and managing director, and will take charge on July 11.The board has given approval to preliminary information memorandum prepared by Ernst & Young in consultation with IFCI, Malla added.E&Y would help IFCI in carrying out modalities related with the stake sale.On whether the partner would be domestic or foreign player, Malla said the path has been laid out for the induction of a strategic partner, which could be local or global. It could be a single entity or a consortium depending on synergies, he added.According to the plan, strategic investors would have to make bids within a month of the memorandum of information being made public. Following this, IFCI would shortlist some investors, who will be allowed to do a detailed due diligence and submit a fresh bid indicating the price they are willing to pay for the 26% stake.
