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Government infuses Rs 200 crore capital in IFCI
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Last Updated: Apr 27, 2021, 09:14 PM IST
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Synopsis
The infusion was done through preferential issue of equity shares, a Finance Ministry communication to the company said. The government had committed Rs 200 crore to IFCI in the Budget 2020-21.
PTI
In line with Budget announcement, the government has infused Rs 200 crore capital in state-owned
IFCI to improve its financial health. Following the capital infusion, the government holding in the financial institution has increased to 63.8 per cent from earlier 61.02 per cent. The infusion was done through preferential issue of equity shares, a Finance Ministry communication to the company said.
View: India s new bank for infra financing is clearly mandated to have a ‘developmental role’
And it finally gets an institutional structure that can be a receptacle to monetise global goodwill into friendly funding from all over the world.
Synopsis
As Nirmala Sitharaman let us know on Tuesday, it is to start with an equity base of Rs 20,000 crore the largest-ever institutional startup plus a one-time Rs 5,000 crore grant from the government. This will enable leveraging Rs 3 lakh crore additional funding for projects over the next three years. That is 12 times leveraging as a starting torque.
Infrastructure financing is a unique animal. There are development, construction and operating risks in which existing financing institutions have demonstrated their inadequacies in handling all or most of the links in this chain. Infra financing is also about nation-building, large public works and ‘development projects’ that may not necessarily provide a financial rate of retur