Markets

IFCI sells 24% stake in TFCI

K R Srivats New Delhi | Updated on January 10, 2018 Published on September 29, 2017

IFCI has sold 1.94 crore shares of Tourism Finance Corporation of India (TFCI), representing 24 per cent stake in the latter.

The shares have been sold at an average price of Rs 150.03 per share, IFCI said in a filing with the stock exchanges.

Prior to this move, IFCI had 26.09 per cent stake in TFCI. It may be recalled that I FCI board had in May this year given its nod to sell the company's entire 26.09 percent shareholding in TFCI.

TFCI has been the only government-promoted financial institution for funding tourism projects.

The 24 per cent stake sale transaction was done as a block deal through the BSE platform, sources said.

IDFC Bank had advised IFCI in this transaction

Buyers

Meanwhile, sources said that there were two buyers in the TFCI deal amounting to Rs 290.6 crore. They are Delhi-based Non-Banking Finance Company (NBFC) Redkite Capital Pvt Ltd and Sajeeve Thomas.

Redkite Capital focuses in wholesale lending opportunities. Sajeeve Thomas has more than 30 years of all-round experience in retail banking, corporate banking, capital markets, treasury, Risk Management & back office processing and operations retiring from Shinsei Bank Ltd, Japan in 2006.

Sajeeve has also earlier worked with Citibank in New York, Japan and India.

Srivats.kr@thehindu.co.in

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Published on September 29, 2017
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