IFCI plans merger of financial arm with SHCIL

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IFCI plans to merge IFCI Financial Services (IFSL) with Stock Holding Corporation of India (SHCIL) as part of the efforts to gain synergies out of the common businesses of these two subsidiaries.
As of end-March 2017, IFCI held 94.78 per cent stake in IFSL and 52.86 per cent stake in SHCIL.
“The Board approvals are already in place from the three concerned entities. We have sought government’s approval also. The combination is expected to be completed by end-June,” sources in IFCI said.
In fact, IFCI was earlier looking to complete the transaction by the end of March 2018. The share swap ratio for the proposed combination is yet to be finalised, sources said.
IFCI has been looking to divest holding to unlock value.

IFCI:Background
IFCI, previously Industrial Finance Corporation of India, is an Indian government owned development bank to cater to the long-term finance needs the industrial sector. It was the first development finance institution established by the Indian government after independence.

 SCHIL:Background
Stock Holding Corporation of India Limited(SHCIL) is India's largest custodian and depository participant, based in Mumbai, Maharashtra. SHCIL was established in 1986 and was granted a status of a government company as per section 2(45) of Indian Companies Act, 2013. in 2014. SHCIL is known for its online trading portal|Online Trading Portal] with investors and traders. It is also responsible for e-stamping system around India.It is also authorised by Reserve Bank of India as Agency Bank to distribute and receive Govt. of India savings/relief bond 2003 along with nationalized banks.

(Source: Businessline; Wikipedia)

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