IFCI gains as board approves preferential allotment to GoI

25 Jan 2022 , 02:24 PM

The board of IFCI approved preferential issue of equity share capital aggregating upto Rs 100 crore to the promoters i.e., GoI.

The proposal is subject to the approval of the shareholders, stock exchanges and such other regulatory authorities as may be applicable.

IFCI will hold an extra-ordinary general meeting (EGM) on 24 February 2022 to seek shareholders approval for the proposed preferential allotment.

On a consolidated basis, IFCI reported net loss of Rs 484.54 crore in Q2 September 2021 as against net loss of Rs 58.10 crore in Q2 September 2020. Total income declined 56.58% to Rs 373.01 crore in Q2 September 2021 over Q2 September 2020.

IFCI is a non-banking finance company in the public sector. It provides financial support for the diversified growth of industries across the spectrum. The financing activities cover various kind of projects such as airports, roads, telecom, power, real estate, manufacturing, services sector and such other allied industries. As on 31 December 2021, GoI held 63.81% in IFCI.

Powered by Capital Market – Live News