Government-owned development bank IFCI Ltd. sold most of its stake in Tourism Finance Corporation of India Ltd. for more than Rs 290 crore.
IFCI sold 24 percent, leaving it with a little over 2 percent, Satpal Arora, managing director at the tourism lender, told BloombergQuint. IFCI offloaded 1.93 crore shares at an average price of Rs 150 apiece, an exchange filing said.
Arora said he was not aware of who picked up the stake. He said TFCI had held discussions with non-banking finance companies and private equity funds. Thomas Cook had earlier said it was also interested in buying the stake.
TFCI is hopeful of achieving 30 percent loan growth in the ongoing financial year, Arora said.
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