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| Exchange Disseminated Time | The Exchange has sought clarification from IFCI Ltd with respect to news article appearing on Business Line on November 13, 2014 titled "IFCI plans stake sell in 3 firms."
IFCI Ltd replied stating "We would like to state that the news item relates to IFCI's stake in NSE and two of our unlisted non-material subsidiaries viz. IFCI Financial Services Ltd. involved in Broking Business and IFCI Factors Limited involved in Factoring Business.
IFCI has already given prior intimation to the Exchange about the proposed sale of 2.5% in NSE. Besides, the Exchange has also been apprised in the past about the proposed stake sale in IFCI Financial Services Ltd. (copy of the intimation enclosed herewith).
Further, you are also requested to note that IFCI Factors Ltd. is an unlisted non-material subsidiary of IFCI Ltd. and in this regard, we would like to state that although the Board has been exploring such possibilities for stake sale, however no decision has been taken so far.
We would like to further inform that the stake sales in cases of all the above mentioned companies are still in process and there have been no significant development in this regard.
In view of the above, we would like to state that at present such information do not bear any impact on the operation / performance of the Company nor are price sensitive in nature, hence no intimation is required under Clause 36 of the Listing Agreement. Whenever there is a change in terms of Guidance Note of Clause 36 of the Listing Agreement, IFCI will keep the Exchange informed about the change." |
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