IFCI rose 2.51% to Rs 34.70 at 10:37 IST on BSE after the company said that the government has raised its stake in the firm to 51.04% from 47.93% earlier.
The announcement was made during trading hours today, 8 April 2015.
Meanwhile, the BSE Sensex was up 96.52 points, or 0.34%, to 28,613.11.
On BSE, so far 2.73 lakh shares were traded in the counter, compared with an average volume of 8.56 lakh shares in the past one quarter.
The stock hit a high of Rs 34.85 and a low of Rs 33.90 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 24.55 on 30 April 2014.
The stock had underperformed the market over the past one month till 7 April 2015, falling 10.45% compared with 3.17% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.71% as against Sensex's 5.97% rise.
The mid-cap company has an equity capital of Rs 1662.04 crore. Face value per share is Rs 10.
IFCI announced that the Government of India has acquired six crore preference shares of Rs 10 each of the company from certain scheduled commercial banks and has consequently increased its holding in IFCI from present 47.93% to 51.04% of the paid-up share capital of the company. Accordingly, IFCI has become a government-owned company.
IFCI's net profit dropped 6.1% to Rs 133.77 crore on 5.7% rise in total income to Rs 848.81 crore in Q3 December 2014 over Q3 December 2013.
IFCI is a financial institution catering to the long-term finance needs of the industrial sector.
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