Govt approves Rs 500 cr infusion in IFCI via issue of preferential shares

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Govt approves Rs 500 cr infusion in IFCI via issue of preferential shares - Business Standard

Quick Summary:

Following this, the meeting of the board of directors of the company is called on January 29, 2025, to consider the Preferential Issue of equity shares to the central government, subject to the approval of shareholders, stock exchanges and such other regulatory authorities as may be required.

Domestic financial institution IFCI on Friday said the government has approved Rs 500 crore capital infusion in the company through the preferential issue of shares.

The Department of Financial Services has conveyed sanction of the President of India to release funds of Rs 500 crore to IFCI Ltd towards subscription to the share capital during FY 2024-25, the state-owned entity said in a regulatory filing.