PNB consortium bids for 26 per cent stake in IFCI
15 Sep 2007
Mumbai:
Punjab National Bank (PNB) has formed a consortium
with other foreign players to bid for the proposed 26
per cent stake sale of domestic financial institution
IFCI Ltd.
Reports suggested that global private equity firm Blackstone, domestic financial institution IDFC as well as foreign players like WL Ross & Co and Cargill also submitted their bids.
Today was the last date for submitting the EoIs, which will be opened tomorrow. This will be followed by shortlisting of ''serious and compatible player'' within 10 days, an IFCI official said.
The
Reserve Bank of India, meanwhile, permitted fresh buying
in the company''s shares by the foreign institutional investors
in the secondary market after the FII holding in the company
dropped below the prescribed limit.
