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IFCI plans to raise debt of ₹3,000 crore in the remaining months of this fiscal to fund business growth.
“We are in talks with LIC and banks. There are some good business proposals coming our way for lending and we plan to use these funds,” E Sankara Rao, MD and CEO of IFCI, told BusinessLine .
The State-owned NBFC is also hopeful that the rating agencies will take a considered view of the recent improvement in bad loan recoveries and scale up its rating. IFCI’s top management will soon make a presentation to rating agencies and pitch for an upgrade, said sources.
In the first half this fiscal, IFCI made recoveries of ₹587 crore, substantially higher than the ₹141 crore recovered in the same period last fiscal.
IFCI is also expected to pursue recoveries in an aggressive way in the second half of this fiscal.
Rao said IFCI is in talks with the Centre to see if the latter could infuse more capital to support its growth. He, however, declined to comment on capital support sought from the Centre, which now owns a 55.53 per cent stake in the company.
NSE stake saleAsked if there are any plans to offload the remaining stake in National Stock Exchange (NSE), Rao said IFCI is open to it and could do it without waiting for NSE’s IPO if a good price is available. Uncertainty remains over NSE’s IPO, with market regulator SEBI still looking into the co-location controversy.
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