New Delhi: Infrastructure term lender IFCI on Friday sold 24% stake in Tourism Finance Corporation of India (TFCI) for over Rs290.63 crore.

“IFCI has sold 1,93,72,020 equity shares representing 24% of the stake in TFCI at an average price of Rs150.03 on September 29, 2017," IFCI said in a regulatory filing. Earlier in May, the long term infrastructure lender had announced that it would be selling its entire 26.09% stake in TFCI.

Among the Indian promoter shareholders in TFCI, IFCI held 26.09% as on 30 June. Life Insurance Corporation (LIC) held 6.71%, Bank of India 4.05%, United India Insurance Co. Ltd 1.15% and The Oriental Insurance Co. 1.07%.

Institutions including mutual funds, foreign portfolio investors, non-institutions, NBFCs (non-banking financial companies, NRIs and corporate bodies own the rest 60.93% in the company, showed the BSE data.

TFCI is a specialised financial institution aimed at expediting tourism infrastructure growth. It provides dedicated line of credit on long term basis to tourism related projects in the country. Stock of IFCI closed 0.44% up at Rs23 on BSE. TFCI ended 2.17% down at Rs142.05.