IFCI to invite EOIs from Aug 3

India's oldest financial institution IFCI said it will invite expressions of interest for inducting a strategic partner from August 13.

IFCI is selling a 26 per cent stake as part of its plan to sell assets to improve the financial performance. Ernst & Young was appointed as advisor for the stake sale.

"The board has approved draft document submitted by Ernst & Young for inviting expressions of interest and the process would begin on August 13," IFCI Chief Executive Officer Atul Rai said.

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ICRA IPO opens for subscription

ICRA, a leading provider of investment information and credit rating services in India, is open for subscription with a public issue of 2,581,100 equity shares of Rs 10 each, for cash, at a price to be decided through a 100% book building process through an offer for sale by IFCI (18.6 lakh shares), administrator of the Specified Undertaking of the Unit Trust of India (7 lakh shares) and State Bank of India (20,500 shares).
The price band for the issue has been fixed between Rs 275 to Rs 330 per equity share. The issue closes for subscription on March 23, 2007. The issue size at the higher price band is at Rs 85.17 crore.
It is also an associate of Moody’s Investors Services. Moody has 29% stake in ICRA. Remaining stake is held by leading financial institutions and banks like SBI, LIC, IFCI etc.

Read more at MoneyControl