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New Delhi, June 12 The IFCI board on Thursday gave its nod for Life Insurance Corporation (LIC) to align its stake in the non-banking finance company to 8.39 per cent, which is nearly 3 per cent lower than its current holding in IFCI.

LIC had 8.39 per cent stake in IFCI prior to conversion of optionally convertible debentures to equity last year.

At its meeting today, the IFCI board is understood to have discussed the matter of inducting a strategic investor in the company. The company’s earlier attempt to induct strategic investor failed last year.

In a filing to the Bombay stock Exchange today, IFCI said the board of directors had approved “the initiation of the legal process for aligning the stake of LIC to 8.39 per cent as requested by LIC”.

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