IFCI invites bids for sale of stake in NSE

NEW DELHI, Apr 18: IFCI, the infrastructure term lender, has sought bids from merchant bankers for partial disinvestment of its stake in National Stock Exchange (NSE).

The last date for the submission of the bid is May 14, according to a public notice.

The infrastructure term lender has “invited bids from merchant bankers for disinvestment of its part stake, 12,09,991 equity shares, in NSE through a competitive bidding process”.

Last month, IFCI offloaded 0.39 per cent in the leading stock exchange for Rs 169 crore.

The board of directors of the company, in a meeting held on September 25, 2017, had approved the sale of 42,43,370 equity shares comprising of 0.86 per cent of the total shares of NSE to one or more buyers in part or full.

Till December 2017, IFCI held 3.05 per cent stake in NSE, as per the latest update with the exchange’s website.

Earlier, the company has informed about selling its stake in non-core businesses, as part of which the dilution in NSE is understood to have been taking place.

In addition, IFCI had last week invited bids to sell its entire equity shareholding of 20 lakh shares in Clearing Corporation of India Ltd (CCIL). (PTI)