"Punjab National Bank may bid for a 26 per cent holding in institutional lender IFCI Ltd.", said the bank's chairman and managing director."The bank's board will take a final call on the matter," K.C. Chakraborty said, adding the bank shared some common account holders with IFCI.
The state-run Punjab National Bank had sought to acquire a controlling stake in IFCI more than three years ago but the proposal fell through. A spokesman at the bank could not be immediately reached.
State-run IFCI is looking for a strategic investor and has appointed Ernst & Young as its advisors.Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays were eyeing a 26 per cent in IFCI.
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