State-run lender IFCI Ltd said on Friday it has sold a 24% stake in Tourism Finance Corporation of India for Rs 290.6 crore ($44.5 million).
IFCI said in a stock-exchange filing that it divested 19.37 million shares of Tourism Finance at an average price of Rs 150.03 apiece. It didn’t disclose the name of the buyer.
IFCI was the single-biggest shareholder of Tourism Finance and held a 26.09% stake at the end of June, stock-exchange data shows. In May, it had said that it had decided to sell its entire stake in the company.
Tourism Finance was set up in 1988 to finance tourism-related projects in the country. Its other promoter group shareholders include Life Insurance Corporation of India, the country’s biggest insurer, and state-run Bank of India.