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Informist, Friday, Nov. 22, 2024

 

By Sagar Sen and Priyasmita Dutta

 

NEW DELHI – State-owned India Infrastructure Finance Co. Ltd. is in an advanced stage of internally assessing the launch of its initial public offering and necessary approvals may be sought within the next few weeks, a source in the know said on Friday. "We have almost concluded the internal examinations and once board approval is in place, an announcement will be made," the source told Informist on the condition of anonymity. 

The source said once the government approves the proposal, it will approach the Securities and Exchange Board of India and the process may take 1-3 months. "Depending on the market conditions, we will evaluate when to list the company on bourses," the source said.

The company reported a net profit of INR 8.12 billion in Apr-Sept. IIFCL is projecting net profit in 2024-25 (Apr-Mar) to top INR 16.50 billion, compared with INR 15.52 billion in FY24.

Last year a senior company official had said that IIFCL is likely to come out with its initial public offer only after IIFCL's annual net profit tops 20 bln rupees.

 

For FY25, the company has set an internal target of sanctioning loans worth INR 450 billion and sanctioning loans worth INR 225 billion, Managing Director P.R. Jaishankar said. In Apr-Sept, the company disbursed loans worth INR 100.21 billion and sanctioned loans worth INR 217.35 billion. End

 

Edited by Saji George Titus

 

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