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As IFCI's strategic stake sale is in limbo, the Delhi-based lender has invited applications from merchant bankers to value and buy shares in unlisted firms in its portfolio, reports PTI (Via Business Standard). These stakes have been acquired by IFCI either directly or indirectly in lieu of debt. The interested parties are required to submit their bids before January 10, 2008, the report adds. Cash-starved IFCI is trying to shore up capital through this sale process. IFCI has identified some 100 companies to sell the stake.
This decision should help IFCI stock, which crashed by more than 30 per cent in the last two days. It had in the past sold sold stake in National Stock Exchange and rating agency ICRA.