IFCI has rallied 6% to Rs 36.40 on back of heavy volumes on reports that the government plans to dilute its sake in the country’s oldest financial institution, through a strategic sale.
The stock opened at Rs 34 and touched high of Rs 36.95 on the National Stock Exchange. As many as a combined 11.87 million shares have already changed hands on the counter till 1010 hours against an average 17.4 million shares that were traded daily in past two weeks.
“The government may opt for a strategic sale as part of its plan to dilute its stakeholding after acquiring a majority control in IFCI,” the Times of India report suggests. The government currently holds 55.57% stake in the company.
Meanwhile the board of directors of the company has schedule to meet on February 12, 2013, to consider and approve the financial results of the company for the quarter/nine months ended December 31, 2012 (Q3).