IFCI okays exiting NSE by divesting remaining 2.44 pc

Long-term infrastructure term lender IFCI will exit the National Stock Exchange (NSE) by selling the remaining stake of over 2 per cent in the bourse.

The company's board in a meeting on Monday approved to divest the stake, IFCI said in a regulatory filing.

"The board at its meeting has approved the sale of IFCI's remaining stake of 1,20,66,871 equity shares comprising of 2.44 per cent of the total equity shares of NSE," IFCI said.

The stake sale in the NSE is part of IFCI's initiative to exit non-core businesses.

"The company is expecting to divest the remaining stake at a price of about Rs 1,000 apiece which may fetch it over Rs 1,206 crore," according to a source.

IFCI originally held 15 per cent stake in the NSE and has been divesting its stake in the equity bourse in parts since 2007.

The stake sale is expected to be completed within the current financial year, the source added.

Shares of IFCI on Tuesday jumped 17.82 per cent to Rs 9.39 apiece on the BSE.