State-owned IFCI on Tuesday (December 30) informed that it has monetised its 40% equity stake in North Eastern Development Finance Corporation Ltd (NEDFi) for a total consideration of ₹121.77 crore.
According to the disclosure, the stake sale comprised one crore equity shares in NEDFi, which were held by IFCI at a cost of ₹10 crore.
Back in July this year, IFCI’s board approved a broad consolidation plan at the group level, including the merger of its key subsidiaries. As part of the restructuring, IFCI plans to merge StockHolding Corporation of India, IFCI Factors Ltd, IFCI Infrastructure Development Ltd, and IIDL Realtors into the parent company.
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The board has also proposed the consolidation of broking-related entities, including StockHolding Services, IFCI Financial Services, IFIN Entities, IFIN Credit, and IFIN Securities, into a single platform.
Post-merger, IFCI will continue operating as a non-banking financial company (NBFC), while pursuing opportunities in custodial services, e-stamping, and advisory segments. Additionally, the board has recommended divesting IFCI’s stake in MPCON Ltd to the government.
The Industrial Finance Corporation of India (IFCI) was set up by the government on July 1, 1948, as the first development financial institution in the country.
Shares of IFCI Ltd ended at ₹50.57, down by ₹0.87, or 1.69%, on the BSE today, December 30.
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