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Indian government stake in IFCI rises after share redemption

The Indian government's stake in IFCI Ltd. increased following the company's redemption of 225 million preference shares.

Following the redemption of preference shares, the company's total paid-up capital stands at 16.96 billion rupees, according to a Sept. 4 filing.

As a result, the government's stake in the company increased to 56.42% from 52.94%.

As of Sept. 4, US$1 was equivalent to 71.47 Indian rupees.