State-run IFCI expects to complete part-selling of its stake in IFCI Factors Ltd, its factoring business subsidiary, by the end of this fiscal.
State-run IFCI expects to complete part-selling of its stake in IFCI Factors Ltd, its factoring business subsidiary, by the end of this fiscal.
"We plan to sell a part of our stake in factoring business. We have started the process of due diligence.
Hopefully, it should be complete by March 2015," IFCI Managing Director Malay Mukherjee told PTI.
The company plans to sell 25-26 percent stake so that the majority stake remains with IFCI, he said, adding the strategic sale would help IFCI unlock its investment.
Currently, the company holds 100 percent stake in IFCI Factors Ltd.
Factoring business is a type of financial service wherein a firm sells its accounts receivable to a factoring company, which then pay discounted value to seller against receivable receipts.
Earlier in 2011, IFCI Factors had filed draft prospectus with Securities and Exchange Board of India (Sebi) for an initial public offer for raising Rs 750-1,000 crore from public. It, however, shelved the plan later due to bad market conditions.
Besides, IFCI has also decided to partially sell its stake in NSE. The infrastructure lender at present holds 5.44 percent stake in the premier bourse.
The board has given in-principle approval for sale of 2.5 percent stake in NSE, he said.
The country's oldest financial institution initially held 12.44 percent stake in the Mumbai-based NSE, but sold 7 percent to Goldman Sachs Group Inc, NYSE Group Inc, General Atlantic LLC and Softbank Asian Infrastructure Fund in 2007.
In December 2012, the financial institution had become a state-owned entity with government getting 55.53 percent stake by conversion of optionally convertible bonds.
IFCI recently acquired additional 18.98 percent stake in Stock Holding Corporation of India (SHCIL) from IDBI Bank for an undisclosed amount.
Also Read: IFCI seeks govt nod to raise Rs 1,000 cr via tax-free bonds
Following acquisition, IFCI became majority owner with 52.86 percent in SHIL.
IFCI stock price
On May 09, 2014, IFCI closed at Rs 26.70, up Rs 1.55, or 6.16 percent. The 52-week high of the share was Rs 31.45 and the 52-week low was Rs 17.85.
The company's trailing 12-month (TTM) EPS was at Rs 3.06 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.73. The latest book value of the company is Rs 41.68 per share. At current value, the price-to-book value of the company is 0.64.
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