IFCI sells NSE stake for ₹806 crore

The government-owned infrastructure lender IFCI said it has sold its stake in the National Stock Exchange. “This is to inform that IFCI has realised an amount of approximately ₹805.60 crore, representing about 82% of the total committed amount. Process for receipt of approval for remaining quantity is underway,” the non-banking financial company said in a notification to exchanges on Tuesday.

The company’s share price jumped 11.5% during intraday trade on Tuesday. The stock closed 7.14% higher at ₹6.76 per share on a day when the S&P BSE Sensex shed 0.44% to end the trading session at 41,461.26 points.

On December 2, the state-owned infrastructure lender had informed exchanges that it had got bids from buyers for its 2.44% stake in the National Stock Exchange. The stake sale values the NSE at around Rs 40,000 crore.

IFCI posted a net profit of ₹32.33 crore in the September quarter compared to a net loss of ₹5.53 crore a year ago. The government owns 56.43% stake in the shadow bank.