The stake sale was part of the company's strategy to sell non-core assets.
"The board has given its approval to disinvestment of entire 45.5 per cent shareholding (4,550 shares with face value of Rs 100 each) in Hardicon Ltd," it said in a regulatory filing.
Hardicon is a non-listed associate company of IFCI.
It is owned by financial institutions like IFCI, SIDBI, SBI and several other public banks and state-level entities.
The company was set up in 1985 to facilitate overall industrial development of the country by addressing technical consultancy needs of industry and corporates and promoting entrepreneurship.
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