The restructuring process of IFCI Ltd is far from being over. Just a day after cancelling the 26% stake sale process due to conditions put forward by a consortium of Sterlite and Morgan Stanley, India?s oldest financial institution on Thursday invited bids from merchant bankers to value and buy its shares in unlisted firms to enable the company to sell them.
?We have identified 100 companies wherein IFCI would like to sell off its stake,? an IFCI official said.
The bids would have to be submitted by January 10, 2008. IFCI has over time acquired stake in more than 100 companies from various fields either directly or in lieu of debt. However, the company was not in a position to tell about the capital that the company plans to raise as it all depends on valuation and bids.
According to an advertisement by IFCI, offer for purchase of share if any may be submitted to the company on or before January 10. During the year, the financial institution sold its stake in NSE and rating agency ICRA. Share of IFCI closed at Rs 76.40 down 23.6% on the BSE after the institution aborted the process for equity sale as the highest bidder, Sterlite-Morgan Stanley consortium, has put conditions with the bids.