IFCI board OKs upto Rs 100-cr preferential issue to Central Govt

The Centre, which is the promoter, holds 64.86% stake in IFCI.

IFCI's board on 27 September 2022 has approved preferential issue of equity share capital for the FY 2022-23 aggregating upto Rs 100 crore to the promoters i.e., Government of India.

The proposal is subject to the approval of the shareholders, stock exchanges and such other regulatory authorities as may be applicable.

The board also approved convening an extraordinary general meeting (EGM) of the shareholders on 27 October 2022, through Electronic Mode.

IFCI a non-banking finance company in the public sector. It provides financial support for the diversified growth of industries across the spectrum. The financing activities cover various kind of projects such as airports, roads, telecom, power, real estate, manufacturing, services sector and such other allied industries.

On a consolidated basis, IFCI reported net loss of Rs 208.61 crore in Q1 June 2022 as against net loss of Rs 701.65 crore in Q1 June 2021. Total income declined 20.7% to Rs 317.02 crore in Q1 June 2022 over Q1 June 202

Shares of IFCI fell 0.51% to Rs 9.76 on Tuesday, 27 September 2022.

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