Ways2Capital Reviews : IFCI Up 5% After Receiving Rs280cr From Bhushan Steel Insolvency Resolution

IFCI rallied 5% after the company received Rs280cr from the resolution of Bhushan Steel’s Insolvency process. The company also received 5.8 lakh shares of Bhushan steel, as part of the lender’s debt was converted to equity.

IFCI is a lender to 13 companies, who are part of the first list of defaulters, submitted by the RBI to the NCLT. The total outstanding loans for these 13 cases stood at Rs2,774cr as on December 2017. The company had made a provision of Rs273cr in Q3FY18 against these loans, taking the provision to Rs1,057cr in aggregate.

IFCI Ltd is currently trading at Rs17.75 up by Rs0.9 or 5.34% from its previous closing of Rs16.85 on the BSE. The scrip opened at Rs17 and has touched a high and low of Rs18.50 and Rs16.70 respectively. So far 1,15,94,121 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,857.75cr. The promoters holding in the company stood at 56.42 % while Institutions and Non-Institutions held 20.35 % and 23.22 % respectively. The stock is currently trading below its 200 DMA.
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About Bhoomi Desai