Rakesh Mittal resigns from IFCI board

Written by fe Bureau | New Delhi | Updated: Jan 8 2013, 06:00am hrs
IFCI on Monday informed the Bombay Stock Exchange (BSE) that Rakesh Bharti Mittal has resigned from the board of the company.

Mittal, who is the vice-chairman and MD of Bharti Enterprises, is also the chairman of many Bharti Group Ventures. He is also on the board of Bharti Airtel, Bharti Enterprises and Bharti Ventures.

The IFCI share closed at R38.95, an increase of 2.10%, on the BSE.

Last week, the government had restructured the board of the domestic financial institution by nominating two new directors. The move follows the government shareholding in IFCI rising to 55.57%.

Meanwhile, five members who were on the company's board stepped down last week. More changes are expected shortly.