Mumbai: Infrastructure Development Finance Co (IDFC) has raised its stake in brokerage SSKI by 14 per cent to about 80 per cent, a newspaper report said on Thursday.
IDFC, which is a lender and consultant for infrastructure projects, also plans to list SSKI at a later stage, the Business Standard reported without specifying a time frame.
"IDFC recently made an open offer to the employees of the brokerage firm to buy their shares and the move is aimed at consolidating their holdings in the company," the paper said, quoting an unnamed senior company official.
"IDFC will look at unlocking the value of the company in the future by floating an initial public offering."
Last June, the infrastructure finance firm said it would acquired an additional 33.3 stake in SSKI, to take its shareholding in the company to 66.7 per cent.
"As the profitability of our pure lending business is under pressure, we need to aggressively develop our fee generating businesses, mainly asset management and investment banking," the officials said in the report.
Company officials could not be reached immediately for comment.
IDFC, which is a lender and consultant for infrastructure projects, also plans to list SSKI at a later stage, the Business Standard reported without specifying a time frame.
"IDFC recently made an open offer to the employees of the brokerage firm to buy their shares and the move is aimed at consolidating their holdings in the company," the paper said, quoting an unnamed senior company official.
"IDFC will look at unlocking the value of the company in the future by floating an initial public offering."
Last June, the infrastructure finance firm said it would acquired an additional 33.3 stake in SSKI, to take its shareholding in the company to 66.7 per cent.
"As the profitability of our pure lending business is under pressure, we need to aggressively develop our fee generating businesses, mainly asset management and investment banking," the officials said in the report.
Company officials could not be reached immediately for comment.
No comments:
Post a Comment