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IFCI shares hit 20% upper circuit as NSE likely to file DRHP next week
IFCI shares hit 20% upper circuit as NSE likely to file DRHP next week
About this update from Ifci Limited
IFCI shares hit the 20 percent upper circuit and scaled a fresh 52-week high on Friday amid reports that the National Stock Exchange (NSE) is likely to file its draft red herring prospectus (DRHP) next week.The stock climbed 20 percent to a new 52-week high of Rs 84.57 per share on the NSE. It rebounded after declining for two consecutive sessions.Shares of IFCI opened with a gain of 2.58 percent in early trade.According to a Business Standard report, NSE, the country's largest stock exchange, is expected to file its DRHP next week.IFCI, a development finance institution that has transitioned into a public sector non-banking financial company (NBFC), holds a 52 percent stake in Stock Holding Corporation of India (SHCIL). SHCIL, in turn, owns 4.4 percent of NSE.The proposed NSE initial public offering (IPO) is expected to be structured as an offer for sale (OFS), with no fresh capital being raised by the exchange.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.