The board of directors of State-owned IFCI on Monday gave its nod for partial divestment of its shareholding in Stock Holding Corporation of India, a provider of custodial, depository and online stock trading services.
IPO possibility IFCI is looking to complete this partial stake-sale in SHCIL by end-March this year, Malay Mukherjee, MD & CEO, IFCI, told BusinessLine here. He also said that IFCI was opened to the idea of selling a partial holding to investors on a private placement basis. At the same time, he also did not rule out the possibility of the SHCIL tapping the public market for an IPO.
“We are yet to decide the route, we could still go for private placement if we get a good price for the partial stake-sale,” he said. Mukherjee, however, did not want to comment on the quantum of shareholding that IFCI was looking to divest in SHCIL.
As on date, IFCI, a government company, holds about 53 per cent stake in SHCIL.
A few months ago, the SHCIL board had given in-principle approval for an IPO.
Meanwhile, the IFCI board on Monday also gave its nod for selling its entire stake (about 19 per cent) in IFCI Assets Care and Reconstruction and Enterprise, an asset reconstruction company promoted by IFCI along with other banks and financial institutions.