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Monday, December 29, 2014

Cabinet approves infusion of Rs 60 crore in IFCI to make it a Government Company

Rs 60 crore infusion would raise the shareholding of the Government to 51% 

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

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 The Act has since been repealed by the Industrial Finance Corporation (Transfer of Undertaking and Repeal) Act, 1993 and IFCI was registered under the Companies Act, 1956 on 31.03.1993.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%. 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%.
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