BUSINESS

IFCI looks to garner Rs 2,000 cr from stake sales in NSE, Clearing Corp

NSE

New Delhi: Government-owned Non Banking Financial Company IFCI is looking to sell its stakes in National Stock Exchange (NSE) and Clearing Corporation of India (CCI) which it says can fetch up to Rs 2,000 crore depending on the market conditions.

“IFCI is aiming to garner Rs 1,500-Rs 2,000 crore from the strategic sales of its stakes in CCI and NSE provided market conditions are equally conducive”, E. Sankara Rao, MD & CEO, IFCI has said.

In January 2018, IFCI sold 0.20 per cent stake in NSE for Rs 92.51 crore. IFCI currently holds about 3 per cent stake in the NSE.

Rao said after SEBI has passed the order on the NSE’s co-location scam, the road is clear for the stake sale provided market conditions are also good.

The MD said if the stake sale happens in the current fiscal, it can leverage three times of that (Rs 6,000 crore approximately) to raise funds from the market.

Its stock is trading at Rs 8.20 on NSE.  “Once we get these done, we can leverage by 3 times which is Rs 6000 crore . We may not raise that much funds (Rs 6,000 crore) from the market but we will have the option to do it, that’s more important”, he said.

IFCI is also looking for permission to divest part of its stake in its subsidiary — Stock Holding Corporation of India. StockHolding has been profit making and dividend paying company right from its inception. As on date, IFCI holds 52.86% equity shareholding in StockHolding, making it a subsidiary Company of IFCI.  Rao said to divest stake in the subsidiary, IFCI has to obtain government permission first. (IANS)

 

Also Read: IFCI recovers Rs 2,552 cr in 2018-19 from 10 NPA accounts

 

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