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Government calls off IFCI stake sale

Dec 19, 2007 11:36 PM IST Business Business

New Delhi: The IFCI stake sale has been called off by the Government and IFCI has decided not go for any further bids. The financial institution had been in the process of roping in a strategic partner through the private placement of 26 per cent equity. There was only one bidder left in the fray — the consortium of Sterlite Industries and Morgan Stanley. However, the consortium's bid has been turned down, say sources, since they had wanted management control. The consortium had submitted its bid priced at around Rs 110 per share.