This fund raising plan is subject to the approval of the shareholders.
Government of India's holding in the non-banking finance company, which stood at 56.42 percent at the end of December 2019, would increase after the capital infusion.
Earlier this month, the long-term infrastructure lender had informed exchanges about disinvestment of IFCI's entire stake in the NSE comprising 1,20,66,871 shares, which is 2.44 per cent of the total equity shares of the NSE.
IFCI sold more than 1.2 crore equity shares of NSE.
The outlook on long term ratings is negative.
Besides, the company is looking at recovery of bad loans under the Insolvency and Bankruptcy Code.
IFCI has prepared a detailed corporate business plan based on the prevailing economic, banking and finance conditions and status
The move, a yearly practice by the exchange, is the interest of retail traders. The removal which is usually based on pre-defined criteria helps in maintaining liquidity in the instrument
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.
Shares of IFCI settled at Rs 13.71 per scrip, up 0.81 percent, on the BSE.
Total income of the company declined to Rs 673 crore in the first quarter of this fiscal, from Rs 907 crore in the same period last year, IFCI said in a filing to the BSE
The company is looking at fresh lending worth Rs 6,000 crore, including take-out finance where IFCI will pick up stake from other lenders during 2018-19.
In the Sebi order, it was alleged that IFCI had failed to make disclosures as required under SAST (Substantial Acquisition of Shares and Takeovers) Regulations and PIT (Prohibition of Insider Trading) Regulations, regarding its shareholding in Glodyne Technoserve.
Besides NSE, IFCI is also planning to dilute stakes in Clearing Corporation of India (CCIL)
IFCI Ltd has made partial disinvestment of its stake in NSE to the extent of about 0.02 percent of the total number of equity shares of NSE, comprising of 1,00,000 number of equity shares at the rate of Rs 873.74 per equity share on March 26, 2018, IFCI said in a regulatory filing today.
IFCI Ltd said in a regulatory filing that it has made partial disinvestment of its stake in NSE, of about 0.17 percent of the total number of equity shares at Rs 873.74 apiece.
IFCI has made partial divestment of its stake in NSE to the extent of 0.22 per cent of the total number of equity shares of NSE comprising of 10,75,000 equity shares at the rate of Rs 873.74 per share on March 21, 2018, it said in a regulatory filing.
The Central Bureau of Investigation (CBI) has charged Mohan, V Narayana Reddy, Managing Director of VNR Infrastructures Ltd (VIL) and a politician along with G Pravin Kumar, a VIL senior executive, the officials said.
IFCI's net non-performing assets were at 26.49 percent while gross NPAs stood at 35.8 percent as of end December 2017.
SBI plans to sell a total of 15 such NPA accounts to recover Rs 988.95 crore, including the country's largest sweetener manufacturer Simbhaoli Sugars that has an outstanding of Rs 158.57 crore to the bank.
Most analysts are advising investors to stay away from the small and midcap stocks and remain focused on the big names.
The market breadth was in favour of the declines on Monday morning with 120 stocks advancing while 1532 stocks declined and 382 stocks remained unchanged. On the BSE, 266 stocks advanced while 1960 stocks declined and 79 remained unchanged.
Manoj Murlidharan of Religare Securities recommends buying JSW Energy, IFCI and ONGC.