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PNB
consortium bids for 26 per cent stake in IFCI
15 September 2007
 Mumbai:
Punjab National Bank (PNB) has formed a consortium
with other foreign players to bid for the proposed 26
per cent stake sale of domestic financial institution
IFCI Ltd.
Reports
suggested that global private equity firm Blackstone,
domestic financial institution IDFC as well as foreign
players like WL Ross & Co and Cargill also submitted
their bids.
Today
was the last date for submitting the EoIs, which will
be opened tomorrow. This will be followed by shortlisting
of 'serious and compatible player' within 10 days, an
IFCI official said.
 The
Reserve Bank of India, meanwhile, permitted fresh buying
in the company's shares by the foreign institutional investors
in the secondary market after the FII holding in the company
dropped below the prescribed limit.
Other
reports on Punjab National Bank
General
reports on Banks
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