IFCI surges on board nod to divest stakes in SHCIL, ACRE

The board has approved partial stake sale in SHCIL and entire stake sale in ACRE

Shares of IFCI surged over 7% to Rs 29.30 on the Bombay Stock Exchange after the company's board at its meeting held on January 04, 2016 has approved divesting stakes in two companies.

The board has approved partial disinvestment of equity shareholding in Stock Holding Corporation of India Ltd (SHCIL), the company said in a release.

The board also approved disinvestment of entire stake of IFCI in Assets Care and Reconstruction Enterprise Ltd (ACRE), the release added.

The stock opened at Rs 27.70 and touched a high of Rs 29.45. At 11:05am, over 12.9 million shares were traded on both the stock exchanges.