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IFCI looks to partially divest its shareholding in Tourism Finance Corporation of India, Malay Mukherjee, Managing Director and CEO, IFCI, said.
“IFCI is not looking to completely exit from Tourism Finance Corporation. Our plan is just to partially divest our shareholding and make gains from the recent run-up in its share price,” Mukherjee told Business Line .
IFCI, a promoter group entity in TFCI, currently holds 42.5 per cent stake and is its biggest shareholder. The other major shareholders are State Bank of India (9.19 per cent), LIC (7.7 per cent), Bank of India (4.7 per cent), United India Insurance (1.48 per cent) and Oriental Insurance Company (1.29 per cent).
The stock exchanges have already been informed about the plan to partially offload shareholding in TFCI, Mukherjee said.
IFCI has recently been on a value unlocking spree, looking to divest small stakes in several of its subsidiaries, associate and portfolio companies, such as National Stock Exchange. The Government-owned company is also looking to completely exit from its subsidiary IFCI Financial Services.
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