IFCI cuts lending rate by 0.3 pc to 11.7 pc

Infrastructure term-lender IFCI Ltd today announced a 0.30 percentage point cut in its lending rate to 11.70 per cent.

"The company has reduced its benchmark rate from 12 per cent per annum to 11.7 per cent with monthly rests", IFCI said in a regulatory filing.

The new rate shall be applicable from January 18, 2016, it added.

Share of IFCI closed 1.49 per cent higher at Rs 27.30 apiece on BSE today.