Govt recasts IFCI board, nominates 2 directors
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The government has restructured the board of IFCI Ltd by nominating two new directors after acquisition of majority stake in the financial institution.
The government's stake in the country's oldest term lending institution rose to 55.57 per cent after it converted bonds worth Rs 923 crore into shares.
"The board has been dissolved. This is a customary process as majority holding in the company changed hands," department of financial services secretary D K Mittal said.
The government has nominated two directors — Anurag Jain, joint secretary, finance ministry, in the department of financial services, and VK Chopra, deputy secretary in the finance ministry.