The public issue has a green shoe option under which the company can retain subscriptions up to Rs 2,000 crore.
State-run dedicated infra lender IFCI today said the government is in the process of buying preferential shares from existing shareholders to increase its stake in the paid-up capital to above 50 percent. "If you take equity and preference shares, the Government holding comes slightly below 50 percent. The Government is trying to increase its stake. And it is in the process of acquiring some of the preference shares so that its stake increases," IFCI Chief Executive and Managing Director Malay Mukherjee said.
Also Read: IFCI postpones 2.5% stake sale in NSE
Currently, the Governments stake in IFCI going by the paid-up capital, including both the equity capital and preference shares, is around 48 percent which will go above 50 perent with this exercise, he said. Mukherjee was speaking after launching a Rs 2,500- crore non-convertible debentures (NCD) issue of the infra lender. The public issue has a green shoe option under which the company can retain subscriptions up to Rs 2,000 crore.
Under the offering, IFCI will be issuing secured redeemable non-convertible debentures of face value of Rs 1,000 each. The NCDs have a tenure of up to 10 years and carry a coupon rate of up to 9.90 per cent per annum. The first tranche of the issue opens for subscription on October 20 and closes on November 21, it said.
IFCI stock price
On October 17, 2014, IFCI closed at Rs 33.15, up Rs 0.75, or 2.31 percent. The 52-week high of the share was Rs 44.90 and the 52-week low was Rs 21.80.
The company's trailing 12-month (TTM) EPS was at Rs 3.29 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.08. The latest book value of the company is Rs 40.42 per share. At current value, the price-to-book value of the company is 0.82.
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