IFCI records losses for 2001-02 at Rs 885 cr
Our Banking
Bureau
29 June 2002
 New
Delhi: Industrial
Finance Corporation of India (IFCI) has incurred a net loss of Rs
884.7 crore in 2001-02, over three times more than Rs 265.93 crore
registered in the previous fiscal. It has also shown an operating
loss of Rs 253 crore, against a Rs 233.97-crore operating profit
in 2000-01.
The board of directors of
the sick financial institution (FI) met on Friday to take on
record the financial results.
Its basic and diluted
earnings per equity share (not annualised) stood at -14.57 at the
end of March 2002 as against -5.09 as on 31 March 2001. IFCI has a
paid-up capital of Rs 638.68 crore and a preferential share
capital of Rs 449.27 crore.
The government infused Rs 400 crore last year as tier-I capital
and Life Insurance Corporation Rs 200 crore as tier-II capital in
the form of 20-year convertible debentures.
Reserves excluding revaluation reserves declined to Rs 249 crore  from
Rs 250.35 crore the previous year.
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Industrial Finance Corporation of India
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