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| Exchange Disseminated Time | IFCI Ltd has informed BSE that:
1. IFCI, for the first time has introduced an IFCI Benchmark Rate (IBR), the lowest rate at which it can lend, similar to the Base Rate of Banks. The Board of the Company approved the same at its meeting held on January 06, 2014. The IBR would be reviewed quarterly (or earlier, if required). The current IBR is fixed at 12.70% p.a. with monthly rests. The rate comes into force w.e.f. January 07, 2014. The IBR is exclusive of risk premium to be charged to the borrowers based on credit rating, tenor premium and additional interest to be charged for exposures to certain sectors. Revisions in the IBR, if any, shall be communicated to all the concerned borrowers from time to time through appropriate channels, including display on IFCI's website. All future fresh loans would be at floating rates, linked to IBR and the existing borrowers with interest rate linked to external benchmark rate would also be given an option to shift to interest rate linked to IBR, at the time of next reset of interest rate.
2. Consequent to stepping down of Shri P. G. Muralidharan, Independent Director, as Chairman of the Board, the Board of Directors elected Shri S. V. Ranganath, Independent Director as the Chairman of the Board of IFCI Limited w.e.f. January 06, 2014. Shri Ranganath is the former Chief Secretary of Govt. of Karnataka. |
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