IFCI Ltd, the oldest development finance institution in the country, has invited bids from investment banks to help it divest a 4% stake in The Clearing Corp. of India Ltd (CCIL), according to documents on IFCI’s website. The move is part of the lender’s efforts to clean up its balance sheet, which recorded gross non-performing assets (NPAs) of 40.9% as of 31 March 2018.
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