The country’s first development financial institution IFCI?s board is expected to meet on December 17 to decide the strategic investor for 26% stake in the company. The board was earlier expected to meet on December 20.
“As per the rule, the EGM of the company has to meet within one month of reference date. If we would met as per earlier schedule, we may have failed to meet this deadline as some of our board members would have been unable to attend the meeting. That’s why we have advanced our meeting” IFCI CMD Atul Rai told FE.
The board earlier fixed December 14 as the last date of receiving bids. Interestingly, the company has fixed December 17 as the date for determining the price of shares to be issued upon conversion of zero coupon bonds into equities. The exact number of shares proposed to be issued would be determined after the relevant date.