Industrial Finance Corporation of India(IFCI) becomes Govt Company from April 07,2015

 

Industrial Finance Corporation of India(IFCI)has now become a state- owned firm with the government increasing its stake in the infrastructure financing firm to 51.04 %

Government has acquired IFCI's 6,00,00,000 Preference shares of Rs 10 each from certain scheduled commercial banks and has consequently increased its holding from 47.93 per cent to 51.04 per cent of the paid-up share capital.


"As a result of...increase in shareholding of the Government of India, IFCI has become a 'Government Company' as per the provisions of Section 2(45) of the Companies Act, 2013, with effect from April 7, 2015," the company said in a BSE filing.

Note

The Industrial Finance Corporation of India(IFCI) was set up by government on July 1, 1948 as the first Development Financial Institution in the country

IFCI was changed in 1993 from a statutory corporation to a company under the Indian Companies Act, 1956

Subsequently, the name of the company was also changed to "IFCI Limited" with effect from October 1999

overnment of India has paved the way for IFCI Ltd ., the country's oldest Financial Institution, to become a Government Company with effect from ih April, 2015 by acquiring 6 Crore Preference Shares of Rs. 10 each of IFCI from certain Public Sector Banks. A 'Government Company' is defined in section 2(45) of the Companies Act, 2013 as a company in which not less than fifty one per cent of the paid-up share capital is held by central government, or by any state government or governments, or partly by the central government and partly by one or more state governments and it includes a company which is a subsidiary of a government company defined thus IFCI Ltd. was set up in 1948 as Industrial Finance Corporation of India, a Statutory Corporation to provide medium and long term finance to industry.

Read more at: http://www.moneycontrol.com/news/business/ifci-ltd-nowgovernment-company_1353679.html?utm_source=ref_article

overnment of India has paved the way for IFCI Ltd ., the country's oldest Financial Institution, to become a Government Company with effect from ih April, 2015 by acquiring 6 Crore Preference Shares of Rs. 10 each of IFCI from certain Public Sector Banks. A 'Government Company' is defined in section 2(45) of the Companies Act, 2013 as a company in which not less than fifty one per cent of the paid-up share capital is held by central government, or by any state government or governments, or partly by the central government and partly by one or more state governments and it includes a company which is a subsidiary of a government company defined thus IFCI Ltd. was set up in 1948 as Industrial Finance Corporation of India, a Statutory Corporation to provide medium and long term finance to industry.

Read more at: http://www.moneycontrol.com/news/business/ifci-ltd-nowgovernment-company_1353679.html?utm_source=ref_article