Government has acquired IFCI's 6,00,00,000 Preference shares of Rs 10 each from certain scheduled commercial banks and has consequently increased its holding from 47.93 percent to 51.04 percent of the paid-up share capital.
IFCI Ltd has now become a state-owned firm with the government increasing its stake in the infrastructure financing firm to 51.04 percent .
Government has acquired IFCI's 6,00,00,000 Preference shares of Rs 10 each from certain scheduled commercial banks and has consequently increased its holding from 47.93 percent to 51.04 percent of the paid-up share capital.
"As a result of...increase in shareholding of the Government of India, IFCI has become a 'Government Company' as per the provisions of Section 2(45) of the Companies Act, 2013, with effect from April 7, 2015," the company said in a BSE filing.
The Industrial Finance Corporation of India was set up by government on July 1, 1948 as the first Development Financial Institution in the country. IFCI was provided access to low-cost funds through the central bank's Statutory Liquidity Ratio or SLR which in turn enabled it to provide loans and advances to corporate borrowers at concessional rates.
By the early 1990s, it was recognised that there was need for greater flexibility to respond to the changing financial system.
It was also felt that IFCI should directly access the capital markets for its funds needs. It is with this objective that the constitution of IFCI was changed in 1993 from a statutory corporation to a company under the Indian Companies Act, 1956.
Subsequently, the name of the company was also changed to "IFCI Limited" with effect from October 1999.
IFCI stock price
On April 08, 2015, at 14:12 hrs IFCI was quoting at Rs 34.75, up Rs 0.90, or 2.66 percent. The 52-week high of the share was Rs 44.90 and the 52-week low was Rs 24.55.
The company's trailing 12-month (TTM) EPS was at Rs 3.44 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 10.1. The latest book value of the company is Rs 40.42 per share. At current value, the price-to-book value of the company is 0.86.
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