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IFCI exits 2 power projects, realises Rs 1,174 cr

Press Trust of India  |  Mumbai 

The country's oldest financial institution said Monday it has sold stake in two thermal power projects for Rs 1,174 crore.

The exit from thermal power projects is part of the exercise to monetise unquoted equity investments and reduce non-performing asset (NPA) levels, said in a regulatory filing.

The company, however, did not disclose the names of power projects.

"Monetisation of an investment in 1600 MW coal based thermal power project (the largest project equity investment) - generating upside of more than Rs 300 crore on the investment of Rs 432.72 crore. In this fiscal year, realised Rs 745.29 crore," it said.

The second case relates to resolution of NPA in a

"The auction was conducted with reserve price of Rs 427.50 crore and IFCI realised Rs 428.61 crore," the company said.

hold 56.42 per cent stake in the company.

IFCI has posted a loss of Rs 48.85 crore for the quarter ending December 2018. Its shares closed at Rs 13.92 apiece on BSE, up 2.81 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 11 2019. 20:55 IST