The Board of Directors of IFCI Ltd on Tuesday approved a preferential issue of equity shares of up to ₹100 crore to the Central Government. The Centre, which is the promoter, has about 63.8 per cent stake in IFCI. 

Tuesday’s Board meeting, which was chaired by IFCI Managing Director and CEO Manoj Mittal also approved convening of the Extra-Ordinary General Meeting (EGM) on October 27 this year through electronic mode. 

It maybe recalled that Centre had in April last year infused ₹200-crore capital into IFCI through preferential issue of shares. The government had committed ₹200 crore to IFCI in the 2020-21 Budget.

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