Business Daily from THE HINDU group of publications
Monday, Sep 17, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Sep 17, 2007 ePaper |
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Money & Banking
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Mergers & Acquisitions Ten bidders line up for IFCI’s 26% stake
Our Bureau New Delhi, Sept. 16 GE Capital, French bank Natixis, Blackstone Group, Cargill Financial Services, Kotak Mahindra Bank, New Bridge Asia and IDFC are among the 10 bidders who have expressed interest to pick up 26 per cent stake in IFCI, the country’s oldest financial institution. The other three suitors have come through the consortium route. Sterlite Industries is the only manufacturing company that has expressed interest, but in consortium with US-based financial services giant Morgan Stanley. Another consortium of WL Ross, Standard Chartered Bank, Goldman Sachs and HDFC has also put in a bid. Punjab National Bank has partnered with Japan’s Shinsei Bank and US-based JC Flowers to bid for a strategic stake in IFCI, sources familiar with the development said. The expression of interest bids were opened here on Saturday. Meanwhile, hours before the bids were opened, the IFCI Chairman, Mr N. Balasubramanian, resigned from the Board in the wake of controversy over his alleged “dual role” as Chairman of IFCI and an advisor to Standard Chartered Bank, which latter happened to be a member of a consortium that has bid for 26 per cent stake in IFCI. IFCI Chief Executive Officer (CEO), Mr Atul Kumar Rai, has already indicated that the entire process of inducting a strategic investor in the lending institution would be completed by end-January 2008. The identified strategic investor would get 26 per cent stake through additional issuance of shares on a preferential allotment basis. IFCI continues upward march 26% stake: IFCI may induct investors by Jan Strategic investor: IFCI board meet on Friday to decide on bids Overseas, domestic players keen on IFCI stake buy More Stories on : Mergers & Acquisitions | Financial Institutions
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