IFCI rose 1.20% to Rs 42.10 at 11:45 IST on BSE after the company said it acquired 49% stake in Rajasthan Consultancy Organisation from Hardicon for an undisclosed amount.
The company made the announcement after market hours on Tuesday, 1 July 2014.
Meanwhile, the BSE Sensex was up 219.89 points, or 0.86%, to 25,736.24.
On BSE, so far 6.41 lakh shares were traded in the counter, compared with an average volume of 25.68 lakh shares in the past one quarter.
The stock hit a high of Rs 42.60 and a low of Rs 41.95 so far during the day. The stock hit a 52-week high of Rs 44.90 on 10 June 2014. The stock hit a 52-week low of Rs 17.85 on 28 August 2013.
The stock had outperformed the market over the past one month till 1 July 2014, rising 14.60% compared with 5.36% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 57.87% as against Sensex's 13.68% rise.
The mid-cap company has an equity capital of Rs 1662.04 crore. Face value per share is Rs 10.
IFCI said it acquired 49% equity shareholding in Rajasthan Consultancy Organization (Rajcon), an unlisted company, from one of its associate companies, Hardicon. Consequently, IFCI's shareholding in Rajcon shall become 49% of the total paid-up equity capital and Rajcon shall become an associate company of IFCI.
Established in 1978, Rajcon provides various types of consultancy services to 'entrepreneurs' and 'enterprises' in relation to any industry, business or service sector undertaking. The company is promoted jointly by Hardicon, SIDBI, ICICI, RFC, RIICO, RSIC, State Bank of Bikaner & Jaipur, Bank of Baroda, Central Bank of India, Punjab National Bank and UCO Bank.
Hardicon was set up in 1985 with the twin objectives of facilitating overall industrial development of the country by catering to the technical consultancy needs of the industry/corporates and promoting entrepreneurship.
IFCI's net profit rose 13.6% to Rs 170.29 crore on 12.8% growth in total income to Rs 829.72 crore in Q4 March 2014 over Q4 March 2013.
IFCI's activities include project financing, infrastructure development, debt and equity underwriting & syndication, venture capital, stock broking & merchant banking, factoring, asset reconstruction, tourism finance, corporate and infrastructure advisory, technical consultancy and management education.
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