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IFCI Ltd is confident of completing its planned partial stake sale in the NSE during this fiscal, its MD & CEO Malay Mukherjee has said.
“We have not given up on the plan. The offers we received last year were not favourable. It (partial stake sale) will definitely happen this fiscal,” Mukherjee told reporters when asked if the stake sale plan in NSE was shelved or was still on IFCI’s radar. State-owned IFCI is looking to shed 2.5 per cent stake out of its total holding of 5.44 per cent in NSE, which is the country’s largest bourse by profits.
Last fiscal, IFCI was close to completing a deal with a private equity firm, which was keen to pick up the 2.5 per cent shareholding in NSE. However, the transaction fell through on “pricing” issue, it is learnt.
IFCI initially held 12.44 per cent stake in NSE, but sold 7 per cent to Goldman Sachs Group Inc, NYSE Group Inc, General Atlantic LLC and Softbank Asian Infrastructure Fund in 2007.
In December 2012, IFCI became a state-owned entity with the government getting 55.53 per cent stake on conversion of optionally convertible bonds.
Besides IFCI, state-owned IDBI Bank also intends to exit NSE by selling its 5 per cent stake in the bourse.
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