IFCI raises lending rate by 10 basis points to 8.6%

The company has changed its its short-term benchmark rate (IBR-ST) from 8.50 per cent to 8.60 per cent with monthly rests for lending for tenure up to three months only, IFCI said in a statement. | 1 Comments Term finance lender IFCI   today said it has raised benchmark lending rate by 0.1 percentage point (10 bps) to 8.6 per cent.

 The company has changed its its short-term benchmark rate (IBR-ST) from 8.50 per cent to 8.60 per cent with monthly rests for lending for tenure up to three months only, IFCI said in a statement. The new rate would be effective from today, it said. Earlier this month, RBI kept its repo rate or the rate at which it lends to banks for short term unchanged at 6.25 per cent

IFCI, IDBI Bank zoom 6-15% as NSE gears up for IPO

 Touted to be one of the biggest IPO of India, investors are keenly awaiting for NSE public offer. The initial public offer would see sale of a little over 11 crore equity scrips, which is 22.5 percent of total shares outstanding by existing shareholders through offer for sale (OFS) route.

Shares of IFCI   rose 15 percent while IDBI Bank   gained 6 percent intraday on Thursday as  NSE has filed Draft Red Herring Prospectus (DRHP) for its share sale. According to the DRHP, existing NSE shareholders may offer 20-25 percent shares for estimated Rs 10000 crore which has got investors existed. Investors expect it to have a positive rub off on IFCI abd IDBI Bank as both own around 3.1 percent and 1.5 percent stake in NSE respectively. Touted to be one of the biggest IPO of India,

 Investors are keenly awaiting for NSE public offer. The initial public offer would see sale of a little over 11 crore equity scrips, which is 22.5 percent of total shares outstanding by existing shareholders through offer for sale (OFS) route. Of the total shares on offer, around 15.8 percent stake would be tendered by foreign shareholders, and 6.7 percent by domestic entities. The offer may give the exchange a valuation of Rs 50,000-55,000 crore, sources said, adding that the IPO itself could be worth about Rs 10,000 crore. Currently, MCX is the only listed exchange in the country, but it had come out with an IPO as a standalone commodity exchange much before the merger of Forward Markets Commission (FMC) with Sebi to create a unified capital markets regulator. Since then, all exchanges have become deemed stock exchanges. At 12:43 hrs IFCI was quoting at Rs 28.10, up Rs 3.40, or 13.77 percent and IDBI Bank was quoting at Rs 69.10, up Rs 2.25, or 3.37 percent on the BSE.