IFCI jumps as NSE files for IPO
By
Research Desk
about 7 years ago
IFCI is the top gainer on the BSE currently, going up over 11% to Rs.27.50 and it continues to remain firm at Rs.27 levels.
The reason for the sudden jump up on this counter is NSE filing its draft prospectus with SEBI for its Rs.10,000 crore IPO. India’s biggest stock exchange is making an offer for sale of 11.14 crore shares, which is 22.5% of its post offer paid-up equity capital.
This news has put the spotlight in IFCI which, along with its associate company, State Holding Corporation of India has an over 4% stake in NSE. And based on the size of the IPO, this stake of IFCI in NSE could be worth Rs.1600 crore. IFCI is likely to opt for part exit and this incoming money through stake sale has excited the markets today.