IFCI gains 3% on stake sale plans

IFCI decides to sell its 2.5% stake in NSE in the next 15 days which may fetch the financial institution about Rs 500 crore

Shares of Industrial Finance Corporation of India (IFCI) are trading higher by 3% to Rs 39 on the BSE after it decided to sell its 2.5 per cent stake in stock exchange NSE in the next 15 days which may fetch the financial institution about Rs 500 crore. 

Infrastructure lender IFCI at present holds 5.44 per cent stake in the premier bourse.

IFCI, previously Industrial Finance Corporation of India, is an Indian government owned development bank to cater to the long-term finance needs of the industrial sector.

The stock opened at Rs 38, touched a high of Rs 39 on the BSE. A total of 371,389 shares have changed hands on the BSE so far.