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IFCI plans to merge IFCI Financial Services (IFSL) with Stock Holding Corporation of India (SHCIL) as part of the efforts to gain synergies out of the common businesses of these two subsidiaries.
As of end-March 2017, IFCI held 94.78 per cent stake in IFSL and 52.86 per cent stake in SHCIL.
“The Board approvals are already in place from the three concerned entities. We have sought government’s approval also. The combination is expected to be completed by end-June,” sources in IFCI said.
In fact, IFCI was earlier looking to complete the transaction by the end of March 2018. The share swap ratio for the proposed combination is yet to be finalised, sources said.
IFCI has been looking to divest holding to unlock value.
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