IFCI Ltd. is seeking to sell its entire 4% stake in Clearing Corp. of India Ltd.

The Indian state-owned development financial institution on Aug. 8 issued a request for proposal, seeking bids from merchant bankers to arrange investors for the shares. It is seeking to sell 2 million shares of Clearing Corp. of India at a minimum price of 650 rupees apiece.

Interested merchant bankers have until Aug. 30 to submit their proposals.

Established in 2001, Clearing Corp. of India is a clearing and settlement platform for transactions in money market, government securities and foreign exchange and derivative markets.

As of Aug. 8, US$1 was equivalent to 68.66 Indian rupees.