CEO and managing director of IFCI, Atul Kumar Rai said that the strategic sale of IFCI`s equity stake is ``irreversible` ` and the country`s oldest financial institution is working towards rebuilding itself on its core competencies.
Rai told shareholders at the AGM in New Delhi, that the strategic sale of 26% will happen within the indicative timeline.
Rai told shareholders at the AGM in New Delhi, that the strategic sale of 26% will happen within the indicative timeline.
He said IFCI was in the process of exploring various business models to re-orient itself based on its core competencies which, besides its employees, were long-term financing and institution building.
Without going into the details of the business models, he hinted that the company was working on various strategies.
Without going into the details of the business models, he hinted that the company was working on various strategies.
He informed that the recent resignations by N. Balasubramanian as chairman and Vinayak Chatterjee as director on the IFCI`s board will not have any effect on the process of stake sale. Instead, the fact that the two top executives put in their papers on their own, without anyone asking for their resignations, show that the stake sale process is transparent and fair.
Both Balasubramanian and Chatterjee had resigned over the issue of their associations with bidders. Balasubramanian is associated as advisor to Standard Chartered Bank which is a partner in a bidder, while Chatterjee happens to be the chairman of Feedback Ventures in which HDFC and IDFC have stakes and the two, in turn, have showed interest in picking up IFCI`s 26% stake.
Shares of IFCI closed up Rs 2.65, or 3.31%, at Rs 82.80. The total volume of shares traded at the BSE was 20,503,527. (Friday)
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