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Kotak Mahindra Bank among 10 bidders for IFCI 26% stake sale

Monday, September 17, 2007

India's IFCI Ltd said 10 strategic investors have expressed interest for 26 pct of the company, and also announced the resignation of chairman N Balasubramanium.

In a filing with the Bombay Stock Exchange, the financial institution said it has received applications from General Electric Capital Corp, Kotak Mahindra Bank Ltd, Infrastructure Development Finance Co Ltd, Newbridge Asia IV LP, Cargill Financial Services Corp, Natixis and the Blackstone Group LP.

It has also received expressions of interest from a consortium comprising WL Ross & Co LLC, GS Capital Partners VI Fund, Standard Chartered Bank and Housing Development Finance Corp Ltd; a consortium comprising Shinsei Bank Ltd, Punjab National Bank and JC Flowers & Co LLC; and a consortium comprising Sterlite Industries (India) Ltd and Morgan Stanley & Co.

Balasubramanian resigned after controversy about his alleged 'dual role' both as the company's chairman and an advisor to one of the bidders, the Hindustan Times reported, citing unnamed sources within IFCI.

Posted by FR at 7:08 PM  

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