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

The stock of IFCI closed 0.44 per cent up at Rs 23 on BSE

Press Trust of India  |  New Delhi 

IFCI Tower

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

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

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

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, 4.05 per cent, 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, and corporate bodies own the rest 60.93 per cent in the company, showed the data.

is a specialised financial institution aimed at expediting 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 TFCI ended 2.17 per cent down at Rs 142.05.

First Published: Fri, September 29 2017. 20:01 IST