IFCI board undecided on investor
7 Jul 2007,
9:48:59
The board of directors of the Industrial Finance Corporation of India (IFCI) could not take a call today on induction of a strategic investor in the company, and have decided to further study the recommendations given in this regard by the consulting firm, Ernst & Young. "It is not deferred, but somewhat prolonged. The decision to induct a strategic investor stands. It was thought that the report should be studied further," an official source said.The board, which met twice today, discussed induction of a strategic investor in the company to revive its business. IFCI is likely to offer 26% stake to the strategic investor, for which many international investors like Citigroup and Barclays have expressed interest.Atul Kumar Rai, who recently joined IFCI as a wholetime director, is scheduled to take charge as its chief executive officer on July 11 from R M Malla. IFCI shares today closed at Rs 59.4 on BSE, compared to Thursday’s closing of Rs 62.1, a fall of 4.35%
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