IFCI chairman resigns, stake sale progresses

IFCI chairman resigns, stake sale progresses

Mumbai: The chairman of institutional lender IFCI Ltd has resigned from the board of the company as it seeks to sell a 26% stake, a company official said on Sunday.

The company official, who declined to be identified, would not give more details, but media reports said N. Balasubramanian resigned citing conflict of interest as he was advising Standard Chartered, which is part of a consortium bidding for the IFCI stake.

The stake would be worth about $318 million at current market prices. The state-run development finance firm is mainly involved in project financing but also provides other financial, leasing and merchant banking services.

On Saturday, IFCI said its had received expressions of interest from 10 bidders, including the Standard Chartered consortium.