IFCI today kicked off the process to sell 26% stake to a strategic investor.The Delhi-based financial institution today invited expressions of interest (EoI) from domestic and foreign investors for the stake. The deadline for the EoIs is September 14, 2007.
IFCI will follow a two-stage process for selection of the investor by end-January, 2008.
In the EoI stage, IFCI will announce the names of qualified investors on September 25.In the proposal stage, the financial institution will issue a request for proposal to the qualified investors in mid-October.
The due date for financial and technical bid submission will be end-November, 2007. Subscription and allotment of shares to the selected investor will be end-January next year.
Read more in The Business Standard article.
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