Ten bidders in fray for stake in IFCI
Ten bidders in fray for stake in IFCI As many as 10 entities are bidding for the 26% stake sale in IFCI, (Q, N,C,F)* reports Business Line. The process of selecting a strategic investor in the country`s oldest financial institution will be completed by end-January 2008. Shares of the company declined Rs 1.80, or 2.28%, to trade at Rs 77.2. The total volume of shares traded was 14,541,237 at the BSE. (Friday)
The bidders include GE Capital, French bank Natixis, Blackstone Group, Cargill Financial Services, Kotak Mahindra Bank, New Bridge Asia and IDFC.
The remaining three suitors are bidding by forming a consortium.
>Sterlite Industries has also expressed interest, in consortium with US-based Morgan Stanley.
The strategic investor will get 26% stake by way of issuance of additional shares on a preferential allotment basis.
