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Our Bureau

New Delhi, Dec 14 As many as three consortia have submitted their financial bids for buying 26 per cent stake in the country’s oldest financial institution, IFCI Ltd. The last date for submission of financial bids was December 14.

The three suitors are Shinsei Bank-J.C.Flowers and Punjab National Bank (PNB) combine; Sterlite Industries-Morgan Stanley and the consortium of Cargill Financial and Texas Pacific Group.

Sources said that the consortium of WL Ross, GS Capital Partners VI Fund, Standard Chartered Bank and Housing Development Finance Corp Ltd has opted out.

The IFCI board would consider the financial bids at its meeting to be held on Monday. The board was earlier scheduled on December 20.

More Stories on : Financial Institutions | Mergers & Acquisitions | Punjab National Bank

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