The board of directors of IFCI approved the preferential issue of 12,39,77,188 equity shares for an amount aggregating upto Rs 500 crore.

IFCI will hold an extra-ordinary general meeting (EGM) on 18 April 2024, to seek the shareholder approval for the proposed preferential allotment.

IFCI is engaged to provide financial support for the diversified growth of Industries across the spectrum. The financing activities cover various kinds of projects such as airports, roads, telecom, power, real estate, manufacturing, services sector and such other allied industries.

The company’s consolidated net profit tumbled 80.6% to Rs 17.91 crore in Q3 FY24 over Q3 FY23. Total income rose 33.9% YoY to Rs 469.90 crore during the period under review.