IFCI

Ola Electric Mobility on Tuesday said its wholly-owned subsidiary has received a letter from IFCI for missing out on targets specified under the Production Linked Incentive Advanced Chemistry Cell scheme (PLI ACC). As per the government sources, the company did not meet production and investment-related criteria specified under in PLI ACC scheme. "We would like to inform you that we are in receipt of a letter from IFCI Ltd for non-achievement of Milestone -1 as per schedule M of the Programme Agreement dated July 28, 2022," Ola Electric said in a regulatory filing. The company is actively engaged with the relevant authorities in this regard and is in the process of filing an appropriate response, it added. Ola Electric Mobility Cell Technologies, a wholly-owned subsidiary of the company, had entered into a programme agreement with the Ministry of Heavy Industries for availing the scheme. Pursuant to the scheme, IFCI Ltd was appointed as the project management agency for the PLI AC

IFCI on Wednesday said its board has approved Rs 500 crore capital infusion in the company through the preferential issue of shares to the Government of India during the quarter. The board cleared 8,07,23,280 shares to be issued for an amount aggregating up o Rs 500 crore, IFCI said in a regulatory filing. This approval is subject to an extra-ordinary general meeting to be convened on February 28, it said. With the infusion, the government's holding in the company is expected to further increase from the existing 71.72 per cent as of September 2024. The capital infusion plan for IFCI was approved through the passage of the first supplementary demand for grants for 2024-25 in the Lok Sabha in December. The Industrial Finance Corporation of India (IFCI) was set up by the government on July 1, 1948, as the first development financial institution in the country. The finance ministry, in November 2024, in principle approved the 'Consolidation of IFCI Group', which entails the ...

Domestic financial institution IFCI on Friday said the government has approved Rs 500 crore capital infusion in the company through the preferential issue of shares. The Department of Financial Services has conveyed sanction of the President of India to release funds of Rs 500 crore to IFCI Ltd towards subscription to the share capital during FY 2024-25, the state-owned entity said in a regulatory filing. Following this, the meeting of the board of directors of the company is called on January 29, 2025, to consider the Preferential Issue of equity shares to the central government, subject to the approval of shareholders, stock exchanges and such other regulatory authorities as may be required. With the infusion, the government's holding in the company is expected to further increase from the existing 71.72 per cent as of September 2024. The capital infusion plan for IFCI was approved through the passage of the first Supplementary Demand for Grants for 2024-25 in the Lok Sabha in ..

The government has decided to infuse Rs 500 crore capital in state-owned IFCI to improve its financial health ahead of the company's proposed restructuring and consolidation into a group. With the infusion, the government of India's holding in the company is expected to further increase from existing 71.72 per cent as on September 2024. The capital infusion plan for IFCI was approved through the passage of the first Supplementary Demand for Grants for 2024-25 in Lok Sabha last week. The Supplementary Demand for Grants for 2024-25 made an allocation for an additional amount of Rs 499.99 crore for 'Subscription to the Share Capital of Industrial Finance Corporation of India (IFCI). "Taking into account savings of Rs 50.07 crore available in the same section of the grant, the remaining amount of Rs 449.92 crore will be met from surrender of savings available in the capital section of Demand No.30-DEA and it will not entail any additional cash outgo," the Supplementary Demand for Grant

The move came after the company received of a communication from the Department of Financial Services (DFS), Ministry of Finance to consider 'consolidation of IFCI Group'

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Rahul Bhave for the position of Managing Director (MD) and CEO of IFCI Ltd. Bhave is currently the Deputy Managing Director of IFCI. The Financial Services Institutions Bureau (FSIB) interviewed four candidates for the position of MD & CEO of IFCI, FSIB said in a statement. "Keeping in view their performance in the interface, overall experience and the extant parameters, the Bureau recommends Rahul Bhave for the position of MD and CEO in IFCI Ltd," it said. Besides, FSIB has recommended Palash Srivastava for the position of Deputy Managing Director in IIFCL. Srivastava is currently the Chief Executive Officer of IIFCL Projects Limited, a subsidiary of IIFCL. The final decision on both FSIB's recommendations would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former secretary, Department of Personnel and Traini

IFCI (Rs 84), MMTC (Rs 102.60) and STC India (Rs 203.40) were frozen at the 20 per cent upper limit on the BSE.

State-owned IFCI on Monday said it has received a capital infusion of Rs 500 crore through the issuance of equity shares to the government on a preferential basis. Allotment of 12,39,77,188 shares to the Government of India was done on April 18, 2024, on a preferential basis, IFCI said in a regulatory filing. Following the capital infusion, the government holding in the oldest financial institution IFCI has increased from 70.32 per cent to 71.72 per cent. The government had infused Rs 100 crore in 2022 in long-term infrastructure financier IFCI Ltd. The Industrial Finance Corporation of India was set up by the government on July 1, 1948, as the first Development Financial Institution in the country. IFCI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates.

State-owned IFCI on Tuesday said its board has approved a proposal for raising up to Rs 500 crore capital through the issuance of equity shares to the government. "12,39,77,188 number of Equity Shares will be issued for an amount aggregating up to Rs 500 crore," IFCI said in a regulatory filing. These shares would be issued subject to the approval of Shareholders at the Extraordinary General Meeting to be held on April 18, 2024, it said. Following the capital infusion, the government holding in the oldest financial institution would increase. Currently, the Government of India holds 70.32 per cent stake in IFCI. The government had infused Rs 100 crore in 2022 in long-term infrastructure financier IFCI Ltd. The Industrial Finance Corporation of India was set up by the government on July 1, 1948 as the first Development Financial Institution in the country. IFCI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled i

TRF, KIOCL, GE T&D India, Dredging Corporation of India, Azad Engineering, and Balaji Telefilms were some of the other stocks which were locked in the upper circuits of 5 per cent to 20 per cent

IFCI news: Shares of IFCI hit an over 13-year high of Rs 65.28, freezing at 5 per cent upper circuit on the BSE on Tuesday

Auto companies, especially makers of electric two-wheelers, say that in such cases the government has been withholding the subsidy for months, without offering any resolution on the issue

Till 02:29 PM: a combined 172 million equity shares representing nearly 7 per cent of total equity of IFCI had changed hands on the NSE and BSE.

"The ministry is committed to finalizing the bidding documents and proceeding with the rebidding process at the earliest," government officials said

A special court has given the go-ahead to start the trial in the Rs 331-crore loan fraud in IFCI against builder Era Housing and Developers and its directors after the CBI filed a charge sheet, officials said Tuesday. The CBI had filed the charge sheet against the company and its authorised representative Delhi-based industrialist Hem Singh Bharana besides 13 other entities including companies and individuals, they said. Taking cognisance of the charge sheet filed by the CBI, the special court has summoned all the accused for August 14 for initiating the trial, they said. The central probe agency has charged Bharana and the other accused under IPC sections related to criminal conspiracy, cheating and others. The agency has alleged that all the accused dishonestly induced IFCI Ltd. to disperse the term loan by submitting misleading facts and wrong CA Certificates. It alleged that as part of the conspiracy, they diverted the term loan funds for a purpose other than it was ...

Term lender IFCI on Wednesday reported a consolidated net profit of Rs 209 crore for September quarter 2022-23. The company had incurred a net loss of Rs 445 crore in the same quarter a year ago. Total income increased to Rs 425 crore in July-September 2022-23 from Rs 373 crore in the same quarter of previous financial year, IFCI said in a regulatory filing. Interest income decline to Rs 110 crore during the quarter from Rs 142 crore a year ago. On standalone basis, IFCI earned a profit of Rs 110 crore during the quarter as compared to Rs 526 crore earlier. Total income of the company rose to Rs 126 crore from Rs 106 crore. The company received Rs 100 crore on September 17, 2022 from the Centre towards subscription to the share capital as share application money, it said.

IFCI has reported annual losses for at least four straight years to March 31, 2022 and has lost more than 17% of market capitalization in the past year

Long-term infrastructure financier IFCI Ltd on Thursday raised Rs 100 crore through preferential allotment of shares to the government. The Committee of Directors at its meeting held on October 27 has allotted 9,29,36,802 number of equity shares at a price of 10.76 each including a premium of Rs 0.76 each share to the Government of India, IFCI said in a regulatory filing. Following the allotment of equity shares to the Government of India on preferential basis, the shareholding of the government has increased from 64.86 per cent to 66.35 per cent of the total paid-up share capital of the company, it said. Earlier in the day, shareholders of the company approved the proposal to issue the preferential issue of equity shares to the government as a promoter.

The decision was taken at extraordinary general meeting (EGM) of the shareholders of the company, IFCI said in a regulatory filing

Infrastructure term lender IFCI Ltd reported narrowing of its consolidated net loss to Rs 684.82 crore for the December 2021 quarter.