"As a result of the said purchase of equity shares, IFCI's shareholding in RAJCON shall become 49 per cent of the total paid-up equity capital and RAJCON shall become an associate company of IFCI," the company said in a release.
IFCI has acquired the equity shareholding in RAJCON from one of its associate companies HARDICON Limited (HARDICON).
IFCI, previously Industrial Finance Corporation of India, is a government owned development bank catering to long-term finance needs of the industrial sector.
Shares of the company closed down 0.95 per cent at Rs 41.60 apiece on BSE.