Government infuses Rs 200 crore capital in IFCI : 28-04-2021

In line with Budget announcement, the government has infused Rs 200 crore capital in state-owned IFCI NSE 0.00 % to improve its financial health. Following the capital infusion, the government holding in the financial institution has increased to 63.8 per cent from earlier 61.02 per cent.

The infusion was done through preferential issue of equity shares, a Finance Ministry communication to the company said.

The government had committed Rs 200 crore to IFCI in the Budget 2020-21.

The country’s oldest term lender IFCI reported a consolidated net loss of Rs 717.99 crore for the third quarter ended December, 2020. The company had posted a net profit of Rs 335.38 crore in the same period a year ago.

Consolidated total income during Q3 FY21 was down by 11.2 per cent at Rs 610.12 crore as against Rs 687.36 crore in the same quarter of FY20.

Source : Financial Express