This Article is From Jul 01, 2014

IFCI Acquires 49 Per Cent Equity Stake in Rajasthan Consultancy

New Delhi:

IFCI Limited has acquired a 49 per cent equity stake in unlisted Rajasthan Consultancy Organisation Ltd (RAJCON) for an undisclosed amount.

"As a result of the said purchase of equity shares, IFCI's shareholding in RAJCON shall become 49 per cent of the total paid-up equity capital and RAJCON shall become an associate company of IFCI," the company said in a release.

IFCI has acquired the equity shareholding in RAJCON from one of its associate companies HARDICON Ltd.

IFCI, previously Industrial Finance Corporation of India, is a government owned development bank catering to long-term finance needs of the industrial sector.

Shares in IFCI, on Tuesday, ended at Rs 41.60 apiece on the BSE, down 0.95 per cent from the previous close.