IFCI plans to offload 1.21 million shares in NSE, invites merchant bankers

The financer has been selling assets in order to improve its balance sheet

Government-controlled development finance company IFCI Ltd has invited merchant bankers to help it offload stake in the National Stock Exchange (NSE). 

The company is looking to sell 1.21 million of NSE shares (0.24 per cent stake). The deal is likely to be valued at Rs 1.05 billion to Rs 1.11 billion, based on the price-band of Rs 870-920 mentioned in the tender.

“IFCI intends to sell part of its equity shareholding (0.24 per cent) in NSE, which accounts for 1,209,991 fully paid-up unencumbered equity shares each of face value Rs 1. This will be done through a competitive bidding process,” said the