IFCI to exit non-core biz by selling entire 45.5% in Hardicon

Infrastructure term lender IFCI today said its board has approved divesting the entire 45.5 percent stake in associate firm Hardicon as per its plan to exit from non-core business activities.

"The board has given its approval for disinvestment of entire 45.50 percent shareholding i.e., 4,550 equity shares with face value of Rs 100 each in Hardicon Ltd," a company statement said.

Hardicon is a non-listed associate company of IFCI.

It is owned by financial institutions like IFCI, SIDBI, SBI and several other public banks and state-level entities.