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IFCI Shares Cross Rs 100 After 19 Years
IFCI is a company whose share price recently moved above Rs 100.
It had stayed below Rs 100 for 19 years.
The shares reached Rs 101.60 during the trading session.
They rose more than 16% in two sessions.
Investors were encouraged by news about a possible NSE stock-market listing.
SEBI Chairman Tuhin Kanta Pandey said approval of NSE’s IPO documents may be getting closer.
NSE reportedly wants a valuation of up to Rs 5.26 lakh crore.
The proposed sale could involve about 6% of NSE’s shares.
IFCI shares crossed Rs 100 for the first time in 19 years, having traded below that level since then.
The stock reached a 52-week high of Rs 101.60 and gained over 16% in two sessions.
The rise came amid expectations that the National Stock Exchange of India is nearing approval for its IPO.
SEBI Chairman Tuhin Kanta Pandey said the regulator was nearing approval of NSE’s draft red herring prospectus.
NSE reportedly seeks a valuation of up to Rs 5.26 lakh crore, with shareholders offering up to 148.9 million shares.
- Who
- IFCI, the National Stock Exchange of India, SEBI Chairman Tuhin Kanta Pandey, and NSE shareholders.
- What
- IFCI shares crossed Rs 100 after 19 years, while investor interest was linked to progress toward NSE’s proposed IPO.
- Where
- In India’s stock market; NSE’s proposed shares would be listed on the BSE.
- When
- During the current trading session, after the stock had also reached a 52-week high in the previous session.
- Why
- The rise was attributed to buzz surrounding NSE’s proposed IPO and indications that SEBI approval of its draft prospectus may be nearing.
Key facts
- IFCI peak price
- Rs 101.60, a 52-week high in the current session
- Two-session gain
- More than 16%
- Time below Rs 100
- The stock had traded below Rs 100 since it last crossed the level 19 years ago
- Proposed NSE valuation
- Up to Rs 5.26 lakh crore, or around $55 billion
- Shares in proposed offer
- Up to 148.9 million shares, representing around 6% of NSE’s equity
- NSE prospectus
- NSE filed its draft prospectus with SEBI in June
- Proposed listing venue
- NSE shares would be listed on the BSE
Sources
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