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State-owned IFCI will not settle for any price below ₹3,950 a share when it offloads its remaining 3.05 per cent stake in National Stock Exchange this fiscal, Malay Mukherjee, Managing Director & CEO, has said.
This non-banking finance company is also open to the idea of selling the remaining 3.05 per cent stake (13.72 lakh shares) in tranches, Mukherjee told BusinessLine . IFCI had on Tuesday informed the stock exchanges that its board had approved the sale of the remaining 3.05 per cent stake held in NSE. In the last two tranches, IFCI had sold stakes in the NSE at a price of ₹3,950 a share.
“For the sale of remaining 3.05 per cent, we will soon appoint a merchant banker. We are not keen on any price lesser than ₹3,950 a share,” Mukherjee said when asked about the valuation that he was expecting for the 3.05 per cent holding in NSE. In early April, IFCI had informed the exchanges that it had sold 1.5 lakh shares of NSE at ₹3,950 a share.
On December 30 last year, IFCI had sold 0.17 per cent stake or 75,000 shares in NSE for ₹29.63 crore at price of ₹3,950 a share. Tata Investment Corporation was the buyer of this 0.17 per cent stake. And in September 2015, IFCI had sold 1.5 per cent stake to an overseas entity for ₹263.25 crore.
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