IFCI shares rallied 9 percent intraday Friday after CNBC-TV18 reports quoting Cogencis that the non-banking finance company IFCI has invited bids for stake sale in Clearing Corporation of India (CCIL) by January 19, reports CNBC-TV18 quoting Cogencis.
The company intends to sell its entire equity shareholding in CCIL i.e. 20 lakh fully paid up unencumbered equity shares each of face value of Rs 10 each to interested buyer(s)/ purchaser(s) by way of sale through a competitive bidding process.
CCIL was promoted by six ‘core promoters’ identified by RBI’s Core Committee viz. SBI, IDBI Bank, ICICI Bank, LIC, BOB and HDFC Bank. During the incorporation phase of CCIL, apart from the 'identified core promoters', IFCI had also invested in 20 lakh equity shares, which constitutes 4 percent of the total equity share capital of CCIL.
The Clearing Corporation of India was set up in April, 2001 to provide guaranteed clearing and settlement functions for transactions in money market, G-Secs, foreign exchange and derivative markets. CCIL also provides non-guaranteed settlement for rupee interest rate derivatives and in cross currency transactions through the CLS Bank.
CCIL is also the trade repository for all 'Over the counter (OTC)' transactions in the forex, interest rate and credit derivative transactions to enable financial institutions report their transactions in derivatives.
At 11:11 hours IST, the stock price was quoting at Rs 31.20, up Rs 2.00, or 6.85 percent on the BSE.
Source: moneycontrol.com