Home / Press Releases / Infusion of Rs. 60 crore in IFCI Ltd. to make it a Government Company

Infusion of Rs. 60 crore in IFCI Ltd. to make it a Government Company

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today approved the infusion of RS. 60 crore in Industrial Finance Corporation of India (IFCI) Ltd. to make it a Government company by way of acquisition of preference shares from existing share holder(s).

Background

Industrial Finance Corporation of India was set up in 1948 as a Statutory Corporation under the Industrial Finance Corporation Act, 1948. The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI Ltd was registered under the Companies Act, 1956 on 31.03.1993. The current shareholding of Government of India in IFCI after inclusion of the preference Share capital is 47.93 percent. Therefore, IFCI is not a Government Company under section 2(45) of the Companies Act, 2013. A contribution of Rs. 60 crore to the capital of the company would raise the shareholding of the Government to 51 percent.

Leave a Reply

x

Check Also

Shri M.Venkaiah Naidu gifts PM Surakhsa Bima Yojana policies to 10,000 women on the occasion of Rakshandhan

Minister of Urban Development Shri M.Venkaiah Naidu gifted Accident Insurance Policies to ...

PM greets the people of Malaysia, on their Independence Day

Delhi  August 31, 2015 Last Updated at 12:20 IST http://mybs.in/2Rxq7ot Copy tiny ...