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IFCI board calls off 26% stake sale process (The Hindu Business Line 20th Dec 2007)In a dramatic development, the board of directors of IFCI on Wednesday unanimously decided to call off the process of inducting a “strategic investor” to whom a 26 per cent stake in the country’s oldest financial institution was to be offered through fresh issue of equity shares.
Sterlite Industries-Morgan Stanley combine was the front-runner for the stake as it offered the highest price (about Rs 110 per share) among the three consortia that submitted the financial bids last week.
The deal was, however, called off today in the wake of “conditional offer” made in the financial bid by the Sterlite-Morgan Stanley consortium, which was not acceptable to the members of the board, sources in IFCI said.
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