PNB sells its stake in India Factoring for Rs 108 cr
Quotes

PNB sells its stake in India Factoring for Rs 108 cr

Last Updated: Friday, April 18, 2014, 22:32
 
 Comment 0
 
PNB sells its stake in India Factoring for Rs 108 cr
New Delhi: State-owned Punjab National Bank (PNB) has sold its entire 30 percent stake in India Factoring & Financial Solutions Ltd (IFFSL) for Rs 107.83 crore.

The bank has offloaded its stake in IFFSL to parent promoter FIM Bank Malta last month, a senior official of PNB said.

The decision to offload stake was taken after board approval, the official added.

With the acquisition of PNB's stake, FIMBank's share in IFFSL increased to 79 percent.

The other shareholders include Italy's Banca IFIS (10 percent), Employees Trust (10 percent) and Mumbai-based Blend Financial Services (1 percent).

The company started its business in October 2010 with Rs 100 crore initial capital.

India Factoring provides financial solutions to over 200 SMEs and SSIs in Delhi, Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad and Hyderabad.



PTI

First Published: Friday, April 18, 2014, 22:32


Comments


comments powered by Disqus
G20 Summit 2014
G20 Summit 2014
2014`s Top People in Business: Fortune
2014`s Top People in Business: Fortune
World Bank`s Top 10 Places for Business
World Bank`s Top 10 Places for Business
India`s top ten billionaires
India`s top ten billionaires
Top 10 billionaire cities- In Pics
Top 10 billionaire cities- In Pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved