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Our Bureau

New Delhi, June 30 The board of directors of IFCI Ltd is to meet on July 6 to decide on inviting bids for expression of interest (EOI) to induct a strategic investor in the company.

The company had a few months ago appointed Ernst & Young to advise it on the induction of a strategic investor in the company.

Sources said that overseas funds and institutions as well as domestic entities have shown heightened buying interest in IFCI so as to come on board as a “strategic investor” in the term-lending institution. A number of them have already sounded out Ernst & Young that they are keen to participate in the EOI process.

The prospect of acquiring up to 51 per cent stake along with management rights in the company might be an important factor behind the interest, sources added.

On July 6, the IFCI board would also consider and take on record the audited financial results for the quarter ended June 30.

For the year ended March 31, 2007, IFCI had reported a net profit of Rs 898.02 crore on gross income of Rs 2,046.68 crore.

As on March 31, 2007, banks/financial institutions held 10.51 per cent, mutual funds/UTI 2.13 per cent, insurance companies 14.21 per cent and foreign institutional investors 21.84 per cent in IFCI.

The Central Government had no direct shareholding in IFCI. While body corporates held 13.69 per cent, individuals collectively held 37.01 per cent in the company.

Related Stories:
Overseas, domestic players keen on IFCI stake buy
IFCI's Q3 net at Rs 129.4 cr

More Stories on : Financial Institutions | Mergers & Acquisitions | Stocks

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