IFCI Ltd monetizes 40% stake in North Eastern Development Finance Corporation Ltd

New Delhi: Government-owned IFCI Ltd shares may gain some focus as the finance company has monetized around 40% of its equity stake in North Eastern Development Finance Corporation Ltd for total cost of Rs 121.77 crore.

This is to inform that IFCI has monetised its 40% equity stake (comprising 1,00,00,000 equity shares with cost of Rs 10 crore) in North Eastern Development Finance Corporation Ltd. (NFDFi) for a total consideration of Rs 121.77 crore, as per the filing stated.

IFCI, previously Industrial Finance Corporation of India, is a development finance institution under the ownership of Ministry of Finance, Government of India. This was established as a statutory corporation, and is currently a company listed on BSE and NSE.

Meanwhile, NFDFi provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region and also microfinance through MFI/NGOS.

Shares of IFCI Ltd are closed at Rs 50.57, down by 1.69% at BSE.