IFCI invites bids to sell shares in 100 firms

A day after cancelling the stake sale process, IFCI today invited bids from merchant bankers to value and buy shares in unlisted firms to enable the company to sell them.

"We have identified 100 companies wherein IFCI would like to sell off its stake," an IFCI official told PTI.

Merchant bankers and other interested parties are requested to submit bids before January 10, 2008 in this regard, he added.

IFCI has over time acquired stake in many companies either directly or in lieu of debt, he said.

Atul Rai, CEO and managing director, IFCI, had said yesterday: "We need the capital."

IFCI sold its stake in National Stock Exchange and rating agency ICRA this year.

Share of IFCI closed at Rs 76.40 - down 23.6% on the BSE today after the institution aborted the process for equity sale as the highest bidder - the Sterlite-Morgan Stanley consortium - put conditions with its bid.