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

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....nfusion of 60 crore in IFCI Ltd. to make it a Government Company <br>News and Press Release<br>Dated:- 29-12-2014<br><BR>The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today appr....

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....oved the infusion of &#8377; 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). ....

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....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 The Act has since been repealed by the Industrial ....

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....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 afte....

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....r 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 &#8377; 60 crore to the capi....

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....tal of the company would raise the shareholding of the Government to 51 percent.<BR> News - Press release - PIB....