Non-banking financial company IFCI today said that it has bought additional 2.02 per cent stake in Tourism Finance Corporation of India (TFCI) over a period of eight months ending November 26.
IFCI bought 16.34 lakh shares of TFCI through open market operations from March 30 to November 26, thereby increasing its stake by 2.02 per cent in the company, it said in a filing to the Bombay Stock Exchange (BSE).
After acquiring 2.02 per cent stake IFCI now hold 2.83 crore shares of TFCI as on November 26.
As per the data available on the BSE, IFCI is the largest shareholder in TFCI, with 34.32 per cent stake for the period ending September 30.
The announcement comes amid reports that IFCI is looking to buy a majority stake to gain management control in TFCI.
According to media reports, IFCI is aspiring for a majority stake to gain management control of TFCI. It is planning to induct five new members and replace an existing member on TFCI's board.
Shares of IFCI settled at Rs 63.55, up 4.18 per cent while TFCI's scrip ended 2.24 per cent higher at Rs 41 on the BSE.
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