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IFCI to issue 1B rupees of shares to Indian government

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IFCI to issue 1B rupees of shares to Indian government

IFCI Ltd. plans to issue up to 1 billion rupees of shares on a preferential basis to the Indian government.

The company said in a Feb. 7 bourse filing that it would issue 33,955,857 equity shares at a price of 29.45 rupees per share, aggregating up to 1 billion rupees to the government.

As of Feb. 7, US$1 was equivalent to 64.19 Indian rupees.