 "IFCI mulls stake sale in NSE; stock rallies 9%")
IFCI has moved higher by 9% to Rs 41.55 after the state-owned financial institution said that it is planning to sell its partial stake in the National Stock Exchange (NSE) and entire stake in financial services arm.
The company proposes to engage the services of consultant to advise and manage the process of partial disinvestment of IFCI's stake in NSE, IFCI said in a regulatory filing.
The company also proposes the disinvestment of IFCI's entire stake in IFCI Financial Services Limited, it added.
IFCI said that it has invited bids for the same. Infrastructure lender IFCI at present holds 5.44% stake in the premier bourse.
The stock opened at Rs 38.45 and touched a low of Rs 37.80 so far on BSE. The counter has seen huge trading activity with a combined 35.68 million shares representing 2.1% total equity of IFCI changed hands till 1240 hours on BSE and NSE.
The company proposes to engage the services of consultant to advise and manage the process of partial disinvestment of IFCI's stake in NSE, IFCI said in a regulatory filing.
The company also proposes the disinvestment of IFCI's entire stake in IFCI Financial Services Limited, it added.
IFCI said that it has invited bids for the same. Infrastructure lender IFCI at present holds 5.44% stake in the premier bourse.
The stock opened at Rs 38.45 and touched a low of Rs 37.80 so far on BSE. The counter has seen huge trading activity with a combined 35.68 million shares representing 2.1% total equity of IFCI changed hands till 1240 hours on BSE and NSE.
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