IFCI rallies on plans to sell partial stake in TFCI

Stock gains on plans to divest partial stake in Tourism Finance Corp

Shares of IFCI were up over 3% at Rs 35.50 after it said it would sell part of its stake in Tourism Finance Corporation of India Ltd.

IFCI will partially disinvest its shareholding in Tourism Finance Corporation of India Limited in Financial Year 2014-15, the company said in a release to the stock exchange after market hours on Monday.

For the quarter ended June 30, 2014, IFCI held over 34.30 million shares or 42.5% stake in Tourism Finance Corporation of India, as per the stock exchange data.

The stock opened at Rs 34.85 and touched a high of Rs 35.60 so far. Over 5.2 million shares were traded on both the stock exchanges so far.