But IFCI .....Short term target 75

#4
Re: Buy IFCI .....Short term target 75

IFCI to invite domestic & foreign investors for minimum 26% strategic stake; Shortlisted candidates will be announced by Sep 25

IFCI is to invite domestic & foreign investors for a minimum 26% strategic stake sale. The last date of submitting EoI is by 5 pm on Sep 14. They are to follow 2 stage process for selection of investors. The selected applicants post EoI will be invited for pre-qualification bid and shortlisted candidates will be announced by Sep 25. The pre-qualified investors need to submit sealed financial bids.

The due date for proposal submission & RFP documents is by end November. The allotment & subscription to the new investors will be by end Jan 2008. The investor would need to qualify either of the 3 eligibility criteria.

- Investor Needs To Have An Asset Book Of Rs 10,000 cr
- Investor Needs To Have A Networth Of More Than Rs 4000 cr
- Average Asset Under Fund Should Be More Than Rs 10000 cr

The consortium investors needs to have a lead investor & hold atleast 26% stake. The total number of members in Consortium will not be more than 4. The investor would need to hold IFCI for atleast 3 years from transaction date. IFCI board will make preferrential allotment to the selected investor. Bidder would need to make open offer for 20% post preferrential issue.

source:moneycontrol.com
 

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