India: IFCI sells part stake in Stock Holding Corp, fully exit ACRE

State-owned financial institution IFCI Ltd has got board’s approval to partially divest its stake in Stock Holding Corporation of India Ltd (SHCIL), a provider of custodial, depository and online stock trading services.

Besides, the shareholders have approved disinvestment of entire stake of IFCI in Assets Care and Reconstruction Enterprise Ltd (ACRE), according to a stock market disclosure.

“At its meeting held on January 4, 2015, the board of directors of IFCI has approved partial disinvestment of equity shareholding of IFCI in SHCIL, and the disinvestment of entire stake of IFCI in ACRE,” IFCI said in a BSE filing.

IFCI currently holds about 53 per cent stake in SHCIL, which provides post trading and custodial services to institutional investors, mutual funds, banks, insurance companies, etc. The company has 196 offices across the country.

ACRE is promoted by IFCI, Punjab National Bank, Tourism Finance Corporation of India and Bank of Baroda. It is licensed by RBI under the SARFAESI Act with the objective of acquiring non-performing loans from financial institutions and banks in India. In 2014, the company had sold 49 per cent stake to Singapore-based SSG Capital Management Pte Ltd for an undisclosed amount.

IFCI, formerly known as The Industrial Finance Corporation of India, cater to the long-term finance needs of the industrial sector.

Also Read: India: IFCI divests 0.17% more in National Stock Exchange for $4.5m

 India: IFCI sells 1.5% stake in NSE for $39.6m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.