Shares of IFCI hit the 20 per cent upper circuit filter today at Rs 8.83 on news that the restructuring package for the financial institution is ready to be implemented.
The scrip opened at Rs 7.50. On the BSE, the scrip witnessed volumes of 35.48 lakh shares and 95.77 lakh shares on the NSE.
The institution will also be getting some capital infusion from the government to tide over its current financial crunch.
Also Read
On March 26, the stock hit a 52-week low of Rs 3.80 and since then the price has appreciated by more than 130 per cent.
With parliamentary standing committee having cleared the package for IDBI, there is optimism of the same happening for IFCI, including a five-year tax holiday.
For the year ending March 31, 2002, the total debt of IFCI was to the tune of Rs 20,000 crore.
The institution has been taking advantage of the Securitisation Act and has been attaching the assets of its defaulters.