IFCI gains after board OKs stake sale in NSE

IFCI rose 1.75% to Rs 23.20 at 9:49 IST on BSE after the company said its board approved sale of 0.86% stake in NSE to investors.

The announcement was made after market hours yesterday, 25 September 2017.

Meanwhile, the S&P BSE Sensex was down 7.74 points, or 0.02% to 31,618.89.

On the BSE, 2.66 lakh shares were traded in the counter so far, compared with average daily volumes of 6.94 lakh shares in the past one quarter. The stock had hit a high of Rs 23.60 and a low of Rs 23.10 so far during the day.

At present, IFCI holds 1.51 crore equity shares, comprising of 3.05% of the total equity shares in National Stock Exchange (NSE). Out of 3.05% equity stake, IFCI has offered to offload 34.31 lakh equity shares comprising of 0.69% of the total equity shares of NSE through initial public offer (IPO) of NSE. Out of the remaining 2.36% of the total equity stake in NSE comprising of 1.16 crore equity shares, the board at its meeting held on 25 September 2017 has approved the sale of 42.43 lakh equity shares comprising of 0.86% of the total equity shares of NSE to one or more interested buyers in part or full. The sale would be subject to obtaining prior consent/no-objection of NSE and any other approval, required as per law.

IFCI reported net loss of Rs 276.90 crore in Q1 June 2017 as against net loss of Rs 110.28 crore in Q1 June 2016. Operating income declined 44.2% to Rs 461 crore in Q1 June 2017 over Q1 June 2016.

IFCI is a non-banking financial company engaged in the business of providing financial products and corporate advisory services.

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