IFCI today said that Chandan Bhattacharya has resigned from the board as part of the restructuring exercise.
The government last week restructured the board of IFCI and nominated one director following the acquisition of majority stake in the financial institution.
The government's stake in the country's oldest term lending institution rose to 55.57 per cent after it converted bonds worth Rs 923 crore into shares.
Last week, the government had nominated Anurag Jain as Joint Secretary in the Department of Financial Services on the IFCI board.
So far, eight directors including Sanjeev Kumar Jindal, VK Chopra and Vijendra Singh Jafa of the company have already stepped down from the board.
Post majority stake in the oldest term lending domestic financial institution, government's stake in the company has increased to 55.57 per cent by converting bonds worth Rs 923 crore into shares.
In August 2012, the Cabinet had approved the conversion of debentures worth Rs 923 crore, which the government held in IFCI, into equity.
The government had been giving funds to IFCI since 2001 to help it tide over financial problems. It initially gave Rs 400 crore in the form of 20-year OCDs.
In 2002-03, as part of the financial restructuring package of Rs 5,220 crore, the government gave IFCI Rs 523 crore as loan in the form of OCDs. However, the government stopped releasing funds after IFCI started making profits.
The IFCI scrip closed at Rs 39.15, up 0.51 per cent, on the BSE.
