IFCI To Exit Non-Core Business By Selling 45.5% In Hardicon

New Delhi: Infrastructure term lender IFCI on Wednesday said its board has approved divesting the entire 45.5 per cent stake in associate firm Hardicon as per its plan to exit from non-core business activities.

"The board has given its approval for disinvestment of entire 45.50 per cent shareholding i.e., 4,550 equity shares with face value of Rs 100 each in Hardicon Ltd," a company statement said.

Hardicon is a non-listed associate company of IFCI. It is owned by financial institutions like IFCI, SIDBI, SBI and several other public banks and state-level entities.

The company was set up in 1985 to facilitate overall industrial development of the country by addressing technical consultancy needs of industry and corporates and promoting entrepreneurship.

Shares in IFCI ended 0.72 per cent higher at Rs 27.95 apiece on the BSE, whose benchmark Sensex index finished up 1.21 per cent.