Company History - IFCI
- The Company was Incorporated on 1st July, at New Delhi. The
Corporation provides medium and long-term credits to industrial
concerns in India. Any public limited company or co-operative
incorporated and registered in India which is engaged, or proposes
engage itself, in the manufacture, preservation or processing of
or in the shipping, mining or hotel industry or in the generation or
distribution of electricity or any other form of power, is eligible
- 4,000 shares issued for cash.
- In consultation with other all-India financial institutions, viz.,
the IDBI, the LIC and ICICI, the Corporation announced on 23rd July,
certain concessions to eligible industrial concerns that may be
in the notified districts in the less developed States/areas.
- The Corporation also received instructions from Government that it
could entertain applications for financial assistance from public
sector undertakings on the same basis as applications from private
- The Industrial Financial corporation Act, 1948 was amended to
private limited companies to seek financial assistance from the
- The important terms and conditions on which loans are sanctioned
are:- (i) Security: First charge of all the fixed assets such as
buildings, plant and machinery and fixtures. Raw materials,
stock-in-process and finished good will not be mortgaged. (ii)
Generally 50% of the value of total assets including those to be
acquired with the loan. This may be to 35% in special cases with
approval of the Central Government. (iii) Period: will be spread
up 35 years to suit borrower's convenience.
- The Risk Capital Foundation was sponsored by IFCI, for offering
service to first generation of new entrepreneurs by providing their
interest-free personal loans, more or less in the form of venture
- 20,000 shares issued.
- 25,000 shares issued.
- The Company was converted into a company known as Risk Capital &
Technology Finance Corporation, Ltd. The other subsidiaries are
Financial Services Ltd., IFCI Investors Services Ltd. and IFCI
Custodial Services Ltd.
- 25,000 shares issued.
- 25,000 shares issued.
- 25,000 partly paid up shares fully called up. 50,000 shares
(paid up Rs 2,500).
- Partly paid up shares fully called up. 50,000 shares issued (paid
- 1,20,000 shares issued.
- 2025,00,000 No. of equity shares of Rs 10 each were allotted
the year without payment being received in cash in exchange for
of erstwhile IFCI.
- The Corporation handled 79 merchant banking assignments, of which
related to Issue Management, 32 Project Counselling Appraisal and 22
- With a view to competitive repositioning of IFCI, the Corporation,
undertook to harness organisational strength by concentrating on
continuous improvement of core competence. It was proposed to make
entry into new business areas such as stock broking, asset
investor services, insurance etc.
- The Corporation raised Rupee resources including a public issue of
family bonds which were offered in five categories viz. millionaire
bond, growing income bond, education bond, Gift bond and retirement
bond for an aggregate amount of Rs 800 crores.
- 100,000 cumulative redeemable Pref. shares issued (redeemable at
- Shri K.D. Agrawal, Chairman & Managing Director, upon completion
his term, demitted office on 15th July. In his place, Shri P.V.
Narasimham was appointed as an Additional Director and Chairman &
Managing Director of the Corporation with effect from 16th July.
- The name of the Company has been changed from The Industrial
Corporation of India Ltd. to IFCI Ltd. w.e.f. 27th October.
- The Voluntary Retirement scheme offered by Industrial Finance
Corporation of India has evoked lukewarm response with only 50
employees taking the option.
- ICRA Ltd. downgraded the long-term and medium-term ratings of its
principal promoter IFCI Ltd. by two notches to `LAA-' and `MAA-',
the earlier `LAA+' and `MAA+'.
- The North Eastern Office of the company will launch the IFCI
Deposits Scheme on August 14.
- Financial Institution IFCI Ltd and the Dubai-based Mashreq Ba-nk
Group have signed an agreement for the first tranche of a $50
- IFCI has launched a private placement of non-convertible
to raise at least Rs 100 crore a merchant banker to the issue.
- Mr. Y.P. Gupta has resigned from the board of directors.
-IFCI Ltd has informed that they have executed a negotiated deal on
April 1, 2002 with Yield Securities & Credits Pvt Ltd for sale of
16,46,579 equity shares of Indorama Synthetics India Ltd (IRSL)
(being 0.99% of the paid up capital) and with Virgin Securities &
Credits Pvt Ltd for the sale of 16,46,580 equity shares of Indorama
Synthetics India Ltd (being 0.99% of the paid up capital) at Rs
12.0445 per share, in terms of the share purchase agreement dated
March 26, 2001 between IFCI & Shri OP Lohia, promoter of IRSL.
-The shareholders approved the appointment of Indian Institute of
Management's I M Pandey as a new director on the board, while
clearing the reappointment of Ashok Lahiri, director National
Institute of Public Finance and Policy. They also ratified the
appointments of VP Singh as chairman and managing director IFCI and
chartered accountant S Ravi as a director on the board.
-IFCI Ltd has informed BSE that Dr Ashok Lahiri has resigned from the
board with effect from October 17, 2002.
-IFCI Ltd has informed that Ministry of finance, Department of
Economic Affairs (Banking Division) Government of India, vide its
letter dated November 18, 2002 has nominated Shri Vinod Rai Joint
Secretary (Banking Division) as the Government Director on the Board
of IFCI Ltd in place of Shri U K Sinha.
-Jindal Strips Limited has informed the that IFCI Ltd. has withdrawn
the nomination of Sh. S. Lahiri from the BOD of the company w.e.f.
June 05, 2003.
-IFCI Limited has informed that a meeting of the Bondholders holding
Millionaire Bonds was held on June 25, 2003 and the following
resolutions were passed.
1) Resolved that pursuant to the provisions of the Prospectus dated
July 03, 1996 for issue of Unsecured Redeemable Bonds in the nature
of Promissory Notes and subject to such approval, if any, as may be
necessary and such conditions as may be prescribed by any authorities
in granting such approval, the consent of the bondholders be and is
hereby accorded for the variation in the terms and conditions
contained in the prospectus, to provide that, the company shall, in
addition to the options already provided in the prospectus, have the
authority, to exercise the call option/ right to redeem the
Millionaire Bonds in whole or part of parts thereof as and when
decided by the Board of Directors of the company, after giving two
months' notice and in that event, the deemed face value of the bond
immediately before the date of redemption as indicated in the
prospectus along with accrued interest till the date of redemption so
notified by the company (deemed date of redemption) at the implicit
rate of interest will be paid to the bondholders.
2) Resolved further that on exercise of such right of early
redemption at any time and on payment of redemption amount as above,
the bond shall stand fully discharged and the company shall not be
liable to pay any further interest,damage, compensation after such
deemed date of redemption. 3) Resolved further that for the purpose
of giving effect to these resolutions, the Board be and is hereby
authorized to do all such acts, deeds, matters and things, as it may
in its absolute discretion, deem necessary, proper or desirable and
to settle any question, difficulty or doubt that may arise in regard
to varying the terms of the issue and redemption of the bonds
pursuant to such right of early redemption
-Dr.Amit Mitra gave his resignation from the board of directors of
the company due to his
-IFCI takes over Arihant Industries Export Oriented Unit(EOU) under
the securitisation Act.
-IFCI takes over the control of the Rewari unit of East India Syntex
under the Securitisation
& Financial Assets &Enforcement of Security Interest Act
-IFCI Ltd Board appoints four member panel to appoint new MD and
Chairman for its
-IFCI merger with PNB's would help each other
-IFCI to merge with PSU bank by April 1
-IFCI Ltd has approved the appointment of Shri Atul Kumar Rai, as
Whole time Director.
-IFCI Limited has informed that Consequent upon change in the posting
of Shri. S. P. Arora, Company Secretary of IFCI, to another
department, Ms. Rupa Sarkar, Asstt. General Manager, has been
designated Company Secretary & Compliance Officer of the company with
effect from March 3, 2008.
- Ifci Ltd has informed that Shri K.V.Eapen, Joint Secretary,
Ministry of Finance, Department of Financial Services, New Delhi has
been appointed as the second Government Director on the Board of the
Company w.e.f. September 12, 2008. Further, Shri. R.K.Kapoor,
Director has retired from the Board of the Company w.e.f. September
- IFCI Ltd has informed that Shri. Prakash P Mallya, Shri. Tejinder
Singh Laschar, Shri.
K Raghuraman, Shri. K Narasimha Murthy and Shri. S Shabbeer Pasha
have been appointed as Independent Directors on the Board of IFCI Ltd
w.e.f. October 14, 2008.
- IFCI Ltd has appointed Shri. Sujit K Mandal as Whole Time Director
on the Board of IFCI Ltd w.e.f. November 01, 2008.
-IFCI Ltd. forays into Factoring Business
-IFCI Ltd has informed BSE that the Company has acquired 5% stake in
the present equity share capital of MCX Stock Exchange Ltd (MCX-SX)
from Financial Technologies (India) Ltd (FTIL) at Rs 35/- per equity
share, subject to the terms & conditions of the Agreement, entered
between the Company & FTIL.
- Industrial Finance Corporation of India (IFCI) is eyeing to invest
Rs. 1,000 crore to establish a base in the proposed global financial
district in Bangalore.
- IFCI Ltd has informed BSE that Mr. Rakesh Bharti Mittal has been
appointed as an Additional Director on the Board of the Company
w.e.f. October 27, 2010.
- IFCI Ltd has announced the pact with the Mumbai-based Core
Infrapower Ltd (CIPL), a CORE Group company, for joint development of
a 1,320-MW power project at Ratnagiri district in Maharashtra.
- IFCI and SycamoreVentures to launch Infrastructure Fund.
- Launch (IFCI)-Partners with Sycamore Ventures.
- IFCI Ltd has informed BSE that the Board of Directors of the
Company has re-appointed Shri Atul Kumar Rai, as Chief Executive
Officer & Managing Director of the Company for a further period of
five years w.e.f. June 01, 2012.
- The capital market regulator has cleared the government’s
proposal to buy a majority stake in IFCI Ltd through conversion of
debentures and also exempted it from making an open offer to minority
investors, which has been mandatory otherwise. As per the regulations,
any acquirer of 25 per cent or more has to make an open offer for a
further 26 per cent stake from the public shareholders.
- IFCI Financial City : IIDL brings India`s first Financial City to
-IFCI Ltd has appointed Shri Malay Mulcherjee as CEO & MD of the
-IFCI Ltd. acquired IDBI Banks Ltds equity shares in Stock Holding
Corporation of India Ltd.
-IFCI now better equipped for Make In India programme
-Signing of Memorandum of Understanding (MoU) between Institute of
Leadership Development and IFCI Limited and the Government of
-Press Coverage of inauguration function of Vijayawada Regional
Office, Andhra Pradesh
-Inauguration of News Office Premises of IFCI Bhubaneswar