PNB may bid for IFCI stake

Punjab National Bank may bid for a 26 per cent holding in institutional lender IFCI Ltd., the Economic Times reported on Monday, quoting the bank's chairman and managing director.

"The bank's board will take a final call on the matter," K.C. Chakraborty told the newspaper, adding the bank shared some common account holders with IFCI.

The paper said state-run Punjab National 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. Last month, the Economic Times had reported that Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays were eyeing a 26 per cent in IFCI.

(Source: Economic Times )

IFCI to go ahead with 26% stake sale

IFCI, the country's oldest financial institution, will invite bids later this month for the sale of 26% stake to a strategic investor.

"We will float a global advertisement for inviting bids for strategic sale of stake in the next 10-15 days," R M Malla, chief executive officer, IFCI said.

(Source: Business Standard)