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The board of directors of State-owned IFCI Limited on Monday gave its nod for partial divestment of its shareholding in Stock Holding Corporation of India Limited (SHCIL), a provider of custodial, depository and online stock trading services.
This approval is expected to pave the way for SHCIL to tap the public markets with an initial public offering, informed sources said.
A few months back, the Board of SHCIL had given in-principle approval for an IPO. As on date, IFCI, a government company, holds about 53 per cent stake in SHCIL.
Meanwhile, IFCI Board on Monday also gave its nod for selling its entire stake in IFCI Assets Care and Reconstruction and Enterprise Limited (ACRE).
ACRE is an asset reconstruction company promoted by IFCI along with other banks and financial institutions.
It is licensed by Reserve Bank of India (RBI) under the SARFAESI Act with the objective of acquiring non-performing loans (NPLs) from Financial Institutions and banks in India. It started operations in July 2007.
As part of its strategy to shed its non-core assets, IFCI has this fiscal offloaded 1.67 per cent stake in National Stock Exchange, the country’s largest equity bourse.
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