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Last Updated : Mar 11, 2019 02:00 PM IST | Source: Moneycontrol.com

IFCI gains 5% after co exits from two large exposures in thermal power sector

IFCI made monetisation of an investment in 1600 MW coal based thermal power project (the largest project equity investment) and generated upside of more than Rs 300 crore on the investment of Rs 432.72 crore.

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IFCI shares rallied 5 percent intraday Monday after the company exitd from two large exposures in thermal power sector.

The stock was quoting at Rs 14.01, up Rs 0.47, or 3.47 percent on the BSE, at 13:35 hours IST.

"Continuing an endeavour to reduce NPA levels and to monetise unquoted equity investments, in the prevailing scenario; we have made an exit from two large exposures in thermal power sector in the last fortnight," the non-banking finance company said.

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IFCI made monetisation of an investment in 1600 MW coal based thermal power project (the largest project equity investment) and generated upside of more than Rs 300 crore on the investment of Rs 432.72 crore.

In this fiscal year, the company realised Rs 745.29 crore from the above project.

It also announced resolution of largest NPA having an exposure to 450 MW gas based thermal power project- adopting open bidding under Swiss Challenge method.

The auction was conducted with reserve price of Rs 427.50 crore. IFCI said it realized Rs 428.61 crore from gas-based power project.

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First Published on Mar 11, 2019 02:00 pm
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