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Mumbai, Nov. 26 Financial institution IFCI Ltd is waiting for clarity on capital restructuring before taking a final decision on selling 26 per cent stake to a strategic partner, said Mr Atul Kumar Rai, CEO and Managing Director.

“We are ready, but it is a decision for which we have to discuss with other stakeholders as well,” he said on the sidelines of a banking seminar here today.

The Government is planning to sell 26 per cent in IFCI Ltd to a strategic partner.

The company is likely to add about Rs 500 crore to its credit portfolio in the remaining part of the current fiscal. This is in addition to around Rs 2,000 crore of lending the company has done so far, said Mr Rai.

The growth is in keeping with the company’s view of looking at subdued growth, instead of explosive growth, Mr Rai said. “We are not looking to create fresh assets aggressively,” he added.

For the quarter ended September 30, the company reported a net profit of Rs 259.06 crore, against Rs 497.29 crore in the corresponding quarter of the previous year.

The company is also not looking to raise additional funds this year, as it has sufficient liquidity. “We made most of the opportunity in the stock market last year and had a growth of Rs 1,000 crore in profits. We are satisfied with this. We don’t need to raise funds this year,” Mr Rai said.

More Stories on : Restructuring | Financial Institutions

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