Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / IFCI chairman resigns, stake sale progresses
BackBack

IFCI chairman resigns, stake sale progresses

IFCI chairman resigns, stake sale progresses

Premium

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 17 Sep 2007, 12:13 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie