IFCI cuts lending rate to 11.7 pc

Infrastructure term-lender IFCI today said it has cut its benchmark lending rate by 0.3 percentage point to 11.70 per cent.
The new rates will come to effect from January 18.
"IFCI Ltd, a Government of India non-banking finance company, has reduced its benchmark lending rate (IBR) by 30 basis points to 11.70 per cent with effect from Monday, January 18, 2016," it said in a release.
Shares of the company today closed at Rs 27.15 apiece on BSE, down 0.55 per cent.