Speaking to CNBC-TV18, IFCI CEO Atul Rai said that he is disappointed and there is no possibility of re-bid. He added that the deal fell through as the offer was conditional. The run up in stock price was a factor in the deal falling through. He does not see a possibility of re-bid in the current format.
Earlier, CNBC-TV18 had reported quoting Newswire 18, that IFCI had scrapped the entire plan to sell 26% stake.
“I do believe that certain expectations have been built up around the process, for sale of fresh equity in IFCI. From the point of view of IFCI also, this was a crucial step, which was required to resuscitate, rejuvenate and transform this organisation. We need the capital and also the so-called technical and financial commitment. In that sense, if this entire effort spread out over the past six months has not resulted into a deal, to that extent, I am sure those who are associated with IFCI, would carry a sense of disappointment,” he added.
Excerpts from CNBC-TV18’s interview with Atul Rai:
Q: What is the road forward for IFCI?
A: We will have to sit down, alongwith the shareholders and other stakeholders, to deliberate and find out the best course of action, for meeting the challenges before the organization. That includes capital adequacy and building up its expertise. We need to see how we can, in the absence of this process yielding any result, tackle them in the best possible manner.
Earlier, CNBC-TV18 had reported quoting Newswire 18, that IFCI had scrapped the entire plan to sell 26% stake.
“I do believe that certain expectations have been built up around the process, for sale of fresh equity in IFCI. From the point of view of IFCI also, this was a crucial step, which was required to resuscitate, rejuvenate and transform this organisation. We need the capital and also the so-called technical and financial commitment. In that sense, if this entire effort spread out over the past six months has not resulted into a deal, to that extent, I am sure those who are associated with IFCI, would carry a sense of disappointment,” he added.
Excerpts from CNBC-TV18’s interview with Atul Rai:
Q: What is the road forward for IFCI?
A: We will have to sit down, alongwith the shareholders and other stakeholders, to deliberate and find out the best course of action, for meeting the challenges before the organization. That includes capital adequacy and building up its expertise. We need to see how we can, in the absence of this process yielding any result, tackle them in the best possible manner.
