IFCI sells 24% stake in Tourism Finance Corporation of India for Rs 290 cr

Infrastructure term lender IFCI today sold 24 per cent stake in Tourism Finance Corporation of India (TFCI) for over Rs 290.63 crore.

"IFCI has sold 1,93,72,020 equity shares representing 24 per cent of the stake in TFCI at an average price of Rs 150.03 on September 29, 2017," IFCI said in a regulatory filing.

Earlier in May, the long-term infrastructure lender had announced that it would be selling its entire 26.09 per cent stake in TFCI.

Among the Indian promoter shareholders in TFCI, IFCI held 26.09 per cent as on June 30. Life Insurance Corp (LIC) 6.71 per cent, Bank of India 4.05 per cent, United India Insurance Co Ltd 1.15 per cent and The Oriental Insurance Co 1.07 per cent.

Institutions including mutual funds, foreign portfolio investors, non-institutions, NBFCs, NRIs and corporate bodies own the rest 60.93 per cent in the company, showed the BSE data.

TFCI is a specialised financial institution aimed at expediting tourism infrastructure growth.

It provides a dedicated line of credit on long-term basis to tourism-related projects in the country.

The stock of IFCI closed 0.44 per cent up at Rs 23 on BSE. TFCI ended 2.17 per cent down at Rs 142.05.