State-owned non-banking finance company IFCI Ltd was aiming to bring down its net non- performing assets to a comfortable zone after being armed with new asset restructuring tools.
"Only in January this year we were allowed to undertake CDR mechanism and other restructuring tools. This will help us not only contain but reduce NPA in future," IFCI Executive Director Sudhir Garg said here today.
IFCI was aiming to bring down its net non-performing assets by 200 basis points to around 8 per cent by March 31 next, he said.
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As on September 30 this year, IFCI's net NPA ratio stood at around 10 per cent, IFCI Deputy Managing Director Achal Kumar Gupta said.
The lender is trying various tools to bring it down like one time settlement, selling assets to asset reconstruction companies, corporate debt restructuring and normal restructuring.
"We have sold assets worth Rs 200 crore to ARCs and may sell more whenever we get good value," Gupta said.
Meanwhile, IFCI, which has come up with a public issue of taxable, non-convertible bonds worth Rs 2,000 crore with greenshoe option.
The company has set itself a borrowing target of Rs 10,000 crore during 2014-15. Of this, the company has already raised Rs 2,000 crore mostly as bank loans, Gupta said.
"Nearly 80 per cent of our total borrowings would be from banks. The rest would come from the bond issue," he said.
Asked whether the plan to divest 2.5 per cent stake in National Stock Exchange was put-off, Garg said, "IFCI is open to sellING the stake once we get the right price.
