IFCI to exit NSE; board approves selling 3.05 pc stake

Infrastructure term lender IFCI today said its board has approved selling its remaining 3.05 stake in the National Stock Exchange (NSE).
"The Board has given its approval for sale of remaining 3.05 per cent (13,72,750 equity shares) of the equity stake held by IFCI in NSE", it said in a regulatory filing.
Earlier in December, IFCI had sold its 0.17 per cent stake in NSE for Rs 29.63 crore. And in September 2015, it had sold 1.5 per cent of its stake in the bourse for Rs 263.25 crore.
IFCI, country's oldest financial institution, initially held 12.44 per cent stake in NSE, but sold 7 per cent to the Goldman Sachs Group, the NYSE Group, General Atlantic LLC and Softbank Asian Infrastructure Fund in 2007.

NSE's other major shareholders include LIC (10.51 per cent), SBI (10.19 per cent), IDBI Bank (4.99 per cent), Stock Holding Corporation of India (5 per cent), IDFC (1.90 per cent) and many investment firms.
(REOPEN DCM120)

On sale of assets of Blue Coast Hotels for recovery of IFCI's dues, the filing said the Blue Coast Hotels has moved the High Court of Bombay to challenge the sale.
The Bombay High Court through its order dated March 23, 2016 had set aside the sale of the hotel property in the name of Park Hyatt at Goa.
"In response to the judgement of the Honorable High Court, IFCI had filed a special leave petition (SLP) before the Supreme Court of India challenging the...Order/judement of the High Court of Bombay."

The filing further said the SC has admitted the SLP filed by IFCI on April 22 and directed issuance of notice to the parties in the case.
"The Honorable Supreme Court has permitted IFCI Ltd to retain the sale proceeds from ITC Hotels Ltd till further order", it said.
In February 2015, IFCI had said that in exercise of its right under SARFAESI Act had received a bid from ITC for purchase of the movable and immovable assets in the "form of hotel by name Park Hyatt, Goa" along with land and built-up area of the hotel together with all buildings and structures.

IFCI had declared ITC as the successful bidder at bid price of Rs 515.44 crore.
ITC had paid IFCI 25 per cent of the amount ie Rs 128.86 crore.
Further, ITC was advised to remit the remaining 75 per cent within 15 days from the confirmation of sale.
"On receipt of the balance 75 per cent of the sale proceeds within the stipulated period, the sale was confirmed", it said in the filing.