PNB sells its stake in India Factoring for Rs 108 cr

Tags: News
State-owned Punjab National Bank (PNB) has sold its entire 30 per cent stake in India Factoring & Financial Solutions Ltd (IFFSL) for Rs 107.83 crore.

The bank has offloaded its stake in IFFSL to parent promoter FIM Bank Malta last month, a senior official of PNB said.

The decision to offload stake was taken after board approval, the official added.

With the acquisition of PNB's stake, FIMBank's share in IFFSL increased to 79 per cent.

The other shareholders include Italy's Banca IFIS (10 per cent), Employees Trust (10 per cent) and Mumbai-based Blend Financial Services (1 per cent).

The company started its business in October 2010 with Rs 100 crore initial capital.

India Factoring provides financial solutions to over 200 SMEs and SSIs in Delhi, Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad and Hyderabad.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Sebi needs to plug the one-day window for price manipulation ahead of OFS

    The Securities and Exchange Board of India (Sebi) is reportedly planning to change the rules governing the announcement of details on offer for sale (

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

China looks to India for balance

Almost a third of the total world population lives in ...

Zehra Naqvi

Love and its stories

People must have bread. They can live without stories. No, Hameeda, ...

Dharmendra Khandal

Tiger in urban landscape

Ranthambhore is in a no-win situation. Just a few days ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture