There were 1o bidders for 26% stake in IFCI. They were
1.IDFC
2. Kotak Mahindra Bank
3. GE Capital,
4.Cargill,
5.French banking company Nataxis
6.US-based private equity fund manager Blackstone
7.US-based private equity fund manager Newbridge
8. W L Ross, Standard Chartered Bank, Goldman Sachs and HDFC,
9.Punjab National Bank with Shinsei Bank of Japan and US-based investor JC Flowers
10.Mgan Stanley in consortium with Sterlite Industries
The company will evaluate the EoIs and announce the shortlisted investors on September 25.Thereafter, the shortlisted entities would be asked to undertake due diligence and submit bids indicating the price they would be willing to pay for the 26% stake.
Based on the technical and financial bids, the board would finalise the name of strategic partners. Request For Proposal (RFP) would be floated by October 1.
The pre-qualified investors will need to submit sealed financial bids by November end.Ernst & Young (E&Y) had been appointed by IFCI as consultant to find a strategic partner for reviving the financial institution.
Saturday, September 15, 2007
IFCI Update
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1 comment:
Mr. Atul Kumar Rai in an interview given to NDTV about a fortnight back said they're not interested in an Indian entity. I think all the Indian bidders would be rejected.
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