Punjab National Bank sells its stake in India Factoring for Rs 108 cr

Written by PTI | New Delhi | Updated: Apr 19 2014, 03:00am hrs
Punjab national bankThe company started its business in October 2010 with Rs 100 crore initial capital. PTI
State-owned Punjab National Bank (PNB) has sold its entire 30 per cent stake in India Factoring & Financial Solutions Ltd (IFFSL) for Rs 107.83 crore.

The bank has offloaded its stake in IFFSL to parent promoter FIM Bank Malta last month, a senior official of PNB said.

The decision to offload stake was taken after board approval, the official added.

With the acquisition of PNB's stake, FIMBank's share in IFFSL increased to 79 per cent.

The other shareholders include Italy's Banca IFIS (10 per cent), Employees Trust (10 per cent) and Mumbai-based Blend Financial Services (1 per cent).

The company started its business in October 2010 with Rs 100 crore initial capital.

India Factoring provides financial solutions to over 200 SMEs and SSIs in Delhi, Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad and Hyderabad.