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E-mail ID will not be published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.

EDITORIAL OF THE DAY

  • Companies of the future must shed old identities to be more meaningful

    In the animal kingdom, the rule is, eat or be eaten; in the human kingdom, define or be defined, as psychiatrist Thomas Stephen Szasz once noted.

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

BK Chaturvedi

Corruption law calls for correction

In any country, it is its laws against corruption that ...

Kuruvilla Pandikattu SJ

Believers of the world set to rise

The world is set to become more religious as the ...

Gautam Gupta

The changing face of the fashion world

Indian fashion industry, like every fashion industry in the world, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture