PNB to study IFCI stake sale plan closely; bid only in consortium
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K.Karthik Raja
May 30, 2008, 1:07:19 AM5/30/08
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PNB to study IFCI stake sale plan closely; bid only in consortium
Friday, May 30
NEW DELHI - Punjab National Bank will closely examine IFCI Ltd.'s
fresh
proposal to induct a strategic partner, bank Chairman and Managing
Director K.
C. Chakrabarty told NewsWire18 today.
"I have to examine how serious IFCI is on going through with the
stake
sale process. It could be that again they are in trouble and hence,
looking
for a partner," he said.
He said PNB would not be very keen to go alone in bidding for IFCI
stake.
"I would prefer to bid as part of a consortium," he said.
PNB had earlier teamed up with J.C. Flowers and Shinsei Bank for
acquiring
26% stake in IFCI, a process that the domestic non-banking financial
institution called off in December.
The IFCI board met Thursday to start afresh the process of
inducting a
strategic partner. It will again meet Jun 12 to further discuss the
plan. End
.
Friday, May 30
NEW DELHI - Punjab National Bank will closely examine IFCI Ltd.'s
fresh
proposal to induct a strategic partner, bank Chairman and Managing
Director K.
C. Chakrabarty told NewsWire18 today.
"I have to examine how serious IFCI is on going through with the
stake
sale process. It could be that again they are in trouble and hence,
looking
for a partner," he said.
He said PNB would not be very keen to go alone in bidding for IFCI
stake.
"I would prefer to bid as part of a consortium," he said.
PNB had earlier teamed up with J.C. Flowers and Shinsei Bank for
acquiring
26% stake in IFCI, a process that the domestic non-banking financial
institution called off in December.
The IFCI board met Thursday to start afresh the process of
inducting a
strategic partner. It will again meet Jun 12 to further discuss the
plan. End
.
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