IFCI to reduce stake in NSE, divest entire holding in broking arm

State-run lender IFCI is looking to bring down its equity holding in the National Stock Exchange Limited and divest entire equity stake in its broking subsidiary IFCI Financial Services Limited, according to a stock market disclosure.

The board of directors of the company has proposed to appoint consultants to advise and manage the process of the proposed stake said, it said in a filing to the stock exchanges.

In March, IFCI said that it is buying IDBI Bank Ltd’s entire 18.95 per cent equity stake in custodial and depository services provider Stock Holding Corp of India Ltd (SHCIL) for an undisclosed amount.

IFCI was also looking to induct a strategic investor for its factoring subsidiary, IFCI Factors Limited, the Business Standard had reported last month.

Shares of IFCI were trading at Rs 39.10 each on the Bombay Stock Exchange, down 1.76 per cent from their previous close in the flat Mumbai market on Monday.

(Edited by Joby Puthuparampil Johnson)

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