IFCI will sell its entire 26 percent stake in Tourism Finance Corporation Of India (TFCI). In an interview to CNBC-TV18, BN Nayak, CFO & ED of IFCI shared his readings and outlook on the same.
The process of selling stake in TFCI is on and the buyer will be identified at the end of the process, he said.
We have around 3.05 percent stake in NSE of which we have already offered 0.75 percent in their offer-for-sale (OFS) but because of certain issues, NSE’s initial public offering (IPO) has not come. So we do not intend to sell any stake beyond this 0.75 percent in NSE before its IPO, he added.
Gross non-performing assets (NPAs) in the infrastructure sector is impacting earnings of the company. Q1 FY18 slippages are over Rs 800 crore, said Nayak.
Company has exposure, of Rs 1,888 crore, to six out of 12 accounts sent to National Company Law Tribunal (NCLT).
Provision coverage ratio is at 43 percent and will need additional provision of Rs 120-150 crore per quarter on the 6 accounts under NCLT, he further mentioned.
For entire discussion, watch accompanying video...
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