Industrial Finance Corporation of India’s public issue of non-convertible debentures (NCD) will most likely hit the market around Diwali (October 23) this year, its CEO & Managing Director Malay Mukherjee has said.
This New Delhi headquartered Government company has now filed with BSE a draft shelf prospectus for a public issue of NCDs with shelf limit of ₹2,000 crore.
Indications are that the issue size will be ₹250 crore with a greenshoe option of ₹1,750 crore.
Interestingly, the NCDs—with a face value of ₹1,000 each—are proposed to be listed only on BSE Limited.
As much as 75 per cent of the funds raised will be used for lending, with the balance being utilised for general corporate purposes.
NSE STAKE SALE
IFCI has now given PricewaterhouseCoopers one more month to find a suitable buyer for its 2.5 per cent stake sale in National Stock Exchange (NSE), the country’s largest bourse by profits.
“We have decided to extend the process by one more month”, Mukherjee said, adding that IFCI was not happy with the non-binding offers made by the three bidders who had earlier shown interest in the stake sale process.
He said the price quoted by the three bidders were below IFCI's expectations and hence the non-binding offers were turned down.