Mumbai: IFCI, one of the country's oldest term lending institutions, has revived its stake sale plan, saying it is still open to the process of inducting a strategic partner.
''We are committed to looking at all possibilities to ensure IFCI reaches sustainable pattern of growth,'' IFCI chief executive Atul K Rai said.
''The strategic investor would play the role of an angel investor and help deepen our expertise," he said, adding, ''The capital issue is no longer with us in the same way."
In December, IFCI rejected the offer of a consortium of Morgan Stanley and Sterlite Industries to take a 26 per cent stake over the issue of management control.
But, with a capital adequacy ratio of 19 per cent currently, raising capital is no longer necessary, Rai pointed out.
IFCI is also looking at alternative ways of raising funds from the market and has set an annual lending target of Rs2,000 crore, in order to maintain profits at current levels, Rai said.
Funds would be raised through private placement or an issue of preference shares, either by the end of this fiscal or early next fiscal, he said.
IFCI, meanwhile, reported a net profit of Rs151.07 crore for the first quarter ended 30 June, a 38.80 per cent decline over the corresponding period a year-ago.
The company had a net profit of Rs246.86 crore in the first quarter of FY'07-08, IFCI said in a filing with the Bombay Stock Exchange.
IFCI has sanctioned Rs1,000 crore in FY09 till date, Rai said adding, the company has made disbursements of Rs300 crore.