IFCI spurts on reports NSE files DRHP with Sebi

IFCI rose 10.93% to Rs 27.40 at 11:45 IST on BSE on reports the National Stock Exchange filed a draft red herring prospectus for an initial public offering with the market regulator today, 29 December 2016.

Meanwhile, the BSE Sensex was up 26.87 points, or 0.10%, to 26,237.55.

On the BSE, so far 36.32 lakh shares were traded in the counter, compared with average daily volumes of 10.54 lakh shares in the past one quarter. The stock had hit a high of Rs 27.65 and a low of Rs 26.40 so far during the day.

The stock hit a 52-week high of Rs 30.85 on 23 September 2016. The stock hit a 52-week low of Rs 19.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 28 December 2016, rising 7.16% compared with the 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, falling 4.08% as against Sensex's 5.81% decline.

The mid-cap company has equity capital of Rs 1662.04 crore. Face value per share is Rs 10.

Media reports suggested that the National Stock Exchange (NSE) filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) today, 29 December 2016, to go public through an initial public offering (IPO) that could be worth about Rs 10000 crore. A total of 11.14 crore shares of the exchange, or about 22.5% of its equity capital, will be sold in the IPO.

As on 24 November 2016, IFCI held 15.10 lakh shares, or 3.05% equity, in NSE.

IFCI's net profit dropped 91.9% to Rs 14.86 crore on 28.2% fall in operating income to Rs 800.61 crore in Q2 September 2016 over Q2 September 2015.

IFCI is a financial institution catering to the long-term finance needs of the industrial sector.

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