The Central government is the company’s promoter and holds a 64.86 per cent stake in IFCI. On 27 September 2022, the board of directors of IFCI approved the preferential issue of equity share capital for the current financial year 2022-23, aggregating up to Rs 100 crore has the government of India as promoters. Other regulatory authorities are proposed for the approval of the shareholders and stock exchange.
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Also, the board of directors has approved convening an extraordinary general meeting (EGM) of the shareholders on 27 October 2022 through Electronic Mode. This is also a non-banking finance company in the public sector which provides financial support for the diversified growth of industries across the spectrum. It will cover projects such as manufacturing, airports, roads, real estate, telecom and other service sectors.
The company’s net loss was reported to be Rs 208.61 crore in the first quarter of FY23 compared to the net loss of Rs 701.65 crore in the first quarter of FY22. Also, the total income declined by 20.7 per cent to Rs 317.02 crore in the first quarter of FY23 over the first quarter of FY21. On 27 September 2022, the IFCI shares fell by 0.51 per cent to Rs 9.76.
