India’s IFCI board approves Rs. 2.5 billion redeemable debentures issue

By Tali Rackner

Norfolk, Va., Dec. 23 – IFCI Ltd. informed the Bombay Stock Exchange that its board of directors met on Tuesday and approved the issue of up to Rs. 2.5 billion of secured redeemable nonconvertible debentures.

There is an oversubscription option for up to Rs. 7,908,130,000, the balance remaining from the shelf limit of Rs. 20 billion.

The proposed issue will be open from Jan. 1 to Feb. 4.

IFCI, previously Industrial Finance Corp. of India, is a government-owned development bank.

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