IFCI plans selling stakes in 3 firms

State-owned term lender IFCI is planning to sell its stake in three companies, including National Stock Exchange.
The board has already given in-principle approval for sale of 2.5 per cent stake in NSE, IFCI Managing Director Malay Mukherjee said.
Besides, the company also wants to sell its stake in IFCI Factors and IFCI Financial Services.
IFCI at present holds 5.44 per cent stake in the premier bourse.
The company plans to sell 25-26 per cent stake in IFCI Factors so that the majority stake remains with IFCI, he said, adding the strategic sale would help IFCI unlock its investment.
The company holds 100 per cent stake in IFCI Factors Ltd.

Factoring business is a type of financial service wherein a firm sells its accounts receivable to a factoring company, which then pay discounted value to seller against receivable receipts.

With regard to its NBFC IFCI Financial Services, he said, the process for looking for a buyer is on.
"The stake reduction would take place if we get right valuation," he said.
Meanwhile, IFCI reported a 24 per cent rise in its net profit at Rs 173.79 crore for the second quarter ended September this year on account of significant reduction in provisions.
The provisions for bad or doubtful assets were cut to Rs 117.59 crore during the September quarter 2014-15, from Rs 208.39 crore a year ago.

As of September, the company's portfolio quality improved, with gross non-performing assets (NPAs) coming down to 12.4 per cent of gross advances as against 20.9 per cent in the same quarter of the previous fiscal.
Its net non-performing assets also declined to 9 per cent from 11.3 per cent in the review period.