IFC to exit GTF post-IPO

Mumbai, July 26 | Updated: Jul 27 2006, 05:30am hrs
Leading factoring service provider Global Trade Finance (GTF) is planning to come up with a Rs 150-200 crore initial public offer (IPO) in this year. This was informed by Arvind Sonmale, CEO and managing director of GTF on the sidelines of a press meet.

Export-Import Bank of India (Exim Bank) is the majority shareholder with 40% stake in GTF. The other shareholders are Malta-based Fim Bank - 38.5%, International Finance Corporation (IFC) with 12.5% and Bank of Maharashtra (BoM) - 9%.

The Centre holds 49% through Exim Bank and BoM. Post-IPO, the stakes of all these entities, except IFC, would come down proportionately. Furthermore, IPO would also act as an exit route for IFC which does not participate after five years in the institution promoted by it.