Page 2 - Ifci

Industry players divided over capacity, penalty issues for PLI-AAC bids

"The ministry is committed to finalizing the bidding documents and proceeding with the rebidding process at the earliest," government officials said

CBI files charge sheet against Era Housing in Rs 331 cr cheating case

A special court has given the go-ahead to start the trial in the Rs 331-crore loan fraud in IFCI against builder Era Housing and Developers and its directors after the CBI filed a charge sheet, officials said Tuesday. The CBI had filed the charge sheet against the company and its authorised representative Delhi-based industrialist Hem Singh Bharana besides 13 other entities including companies and individuals, they said. Taking cognisance of the charge sheet filed by the CBI, the special court has summoned all the accused for August 14 for initiating the trial, they said. The central probe agency has charged Bharana and the other accused under IPC sections related to criminal conspiracy, cheating and others. The agency has alleged that all the accused dishonestly induced IFCI Ltd. to disperse the term loan by submitting misleading facts and wrong CA Certificates. It alleged that as part of the conspiracy, they diverted the term loan funds for a purpose other than it was ...

IFCI posts Rs 209 cr Q2 profit, interest income declines to Rs 110 cr

Term lender IFCI on Wednesday reported a consolidated net profit of Rs 209 crore for September quarter 2022-23. The company had incurred a net loss of Rs 445 crore in the same quarter a year ago. Total income increased to Rs 425 crore in July-September 2022-23 from Rs 373 crore in the same quarter of previous financial year, IFCI said in a regulatory filing. Interest income decline to Rs 110 crore during the quarter from Rs 142 crore a year ago. On standalone basis, IFCI earned a profit of Rs 110 crore during the quarter as compared to Rs 526 crore earlier. Total income of the company rose to Rs 126 crore from Rs 106 crore. The company received Rs 100 crore on September 17, 2022 from the Centre towards subscription to the share capital as share application money, it said.

India considers capital infusion, merger of loss-making lender IFCI

IFCI has reported annual losses for at least four straight years to March 31, 2022 and has lost more than 17% of market capitalization in the past year

IFCI raises Rs 100 crore via preferential allotment of shares to govt

Long-term infrastructure financier IFCI Ltd on Thursday raised Rs 100 crore through preferential allotment of shares to the government. The Committee of Directors at its meeting held on October 27 has allotted 9,29,36,802 number of equity shares at a price of 10.76 each including a premium of Rs 0.76 each share to the Government of India, IFCI said in a regulatory filing. Following the allotment of equity shares to the Government of India on preferential basis, the shareholding of the government has increased from 64.86 per cent to 66.35 per cent of the total paid-up share capital of the company, it said. Earlier in the day, shareholders of the company approved the proposal to issue the preferential issue of equity shares to the government as a promoter.

IFCI approves allotment of preferential shares to govt to raise Rs 100 cr

The decision was taken at extraordinary general meeting (EGM) of the shareholders of the company, IFCI said in a regulatory filing

IFCI's consolidated net loss narrows to Rs 684.8 cr in Dec quarter

Infrastructure term lender IFCI Ltd reported narrowing of its consolidated net loss to Rs 684.82 crore for the December 2021 quarter.

IFCI gets shareholders' approval to raise up to Rs 1,000 cr via bonds

The fundraise through private placement was passed with requisite majority as over 99 per cent of the votes were cast in favour

IFCI rallies 9%, nears 52-week high; stock has surged 39% in one week

IFCI's ratings outlook will change to stable if the company's strategic importance to the GoI increases significantly along with the infusion of sizeable capital, ICRA said in its report

Top Headlines: Centre cuts excise on fuel, govt to miss disinvestment goals

Business Standard brings the top headlines at this hour

IFCI invokes promoter Kishore Biyani's stake in two Future companies

Biyani stake in group companies falls steadily

Stocks to watch: Anupam Rasayan, Rail Vikas Nigam, Hero MotoCorp, RIL, IFCI

Tata Group's holding in Tata Communications has increased to 58.87 per cent after the government sold stake to Tata Sons' unit Panatone Finvest

Infrastructure term lender IFCI posts net loss of Rs 718 cr in Q3

Infrastructure term lender IFCI Ltd on Friday reported a consolidated net loss of Rs 717.99 crore for the third quarter ended December as expenses ballooned amid a drop in income

Govt evaluating options to sell two subsidiaries of IFCI in revival bid

Not keen on infusing funds into NBFC, to unlock value created by subsidiaries

IFCI hits 52-week high on heavy volumes; stock rallies 73% in six days

The company expects improvement in the asset portfolio quality as well as cash flow of the company, due to various strategic initiatives including measures for recovery were initiated during FY20

BBB recommends S Ramann for post of SIDBI chairman & managing director

The Banks Board Bureau (BBB), the headhunter for state-owned banks and financial institutions, on Saturday recommended S Ramann and Shivendra Tomar for the posts of CMD and MD of SIDBI and IFCI, respectively. The members of the Banks Board Bureau interviewed 20 candidates on December 4 and 5, 2020 for the vacancy of chairman and managing director (CMD) of Small Industries Development Bank of India (SIDBI), the BBB said in a statement. "Keeping in view their performance in the interview and their overall experience, the bureau recommends S Ramann for the position of chairman and managing director in SIDBI," it said. Ramann, 1991-batch Indian Audit & Accounts Service officer, is currently CEO of National E-Governance Services Limited (NeSL), India's first Information Utility. Besides, the Bureau recommended Shivendra Tomar for the post of MD and CEO of IFCI. Tomar, currently, is managing director of IFCI Venture Capital Funds Ltd, a subsidiary of IFCI. As many as five candidates ..

IFCI's consolidated net loss widens to Rs 584 crore in March quarter

Infrastructure term lender IFCI Ltd reported a widening of its consolidated net loss to Rs 584.19 crore for the quarter ended March 2020

IFCI aims to raise up to Rs 2,000 cr by selling non-core assets this fiscal

The fund infusion will help shore up IFCI's capital and enhance operations

IFCI plans to sell its remaining stake in National Stock Exchange

IFCI has sold its stake through various tranches over the past three years

CARE downgrades ratings for IFCI's subordinated bonds

Net losses, under capitalization are cause for worry