IFCI to exit from ACRE before March 31, may fetch Rs 114 cr

State-owned term lender IFCI Ltd will exit from Assets Care and Reconstruction Enterprise Limited (ACRE) before March 31, which is expected to fetch it a sum of Rs 114 crore.
"In ACRE, we have a 19 per cent stake. That (paring the stake) we are trying to get done before March 31.
"The valuation (of stake sale) at the time of rights issue was Rs 114 crore by their (ACRE) company's auditor," a top company official told PTI.
Earlier in January, IFCI had informed about its decision for the disinvestment of entire stake of the company in ACRE.
ACRE helps banks and financial institutions to clean up their books through acquisition of non-performing financial assets.

Besides, IFCI will also partially offload its stake in Stock Holding Corporation of India (SHCIL).

IFCI holds about 53 per cent stake in SHCIL, which provides custodial, depository and online stock trading services.
"We have not decided yet, but around 25-26 per cent stake we want to sell. It will depend on pricing. Suppose we get a good money, we may do that. This subsidiary is doing well, there is no issue with that. They have also great plans to go ahead, so there is no hurry," said the official.
IFCI last week reported earnings for the third quarter ended December of 2015-16.

Company's net profit was up by 15 per cent to Rs 154 crore during the quarter on the back of higher interest income and lower cost of funds.
IFCI has disbursed loans worth Rs 6,767 crore in the nine months ended December this fiscal.
The company expects a credit growth of Rs 400-500 crore by the end of the fiscal in March.