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LIC seeking to dilute stake in IFCI.

Global Banking News-8 May 2008-LIC seeking to dilute stake in IFCI(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 08 May 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

India-based, state owned Life Insurance Corporation of India (LIC), considered to be the biggest insurance company in the country, is planning to dilute its stake in IFCI, a non-banking finance company in India.

LIC is reported to have approached the IFCI management to lower its holding from 11.39 percent to 8.39 percent.

IFCI, which had to deal with defaults at the start of the decade, has started providing working capital to selected companies.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:May 8, 2008
Words:132
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