IFCI allots shares at Rs.80 to FI s

Thebullishtrends : IFCI shares closed on Friday at Rs.100. IFCI will decide on 17th December'2007 for the allotment of shares to Financial Institutions and Banks with a face of value of Rs.10 shares at Rs.80 premium. Earlier IFCI has issued Zero Coupon Optionally Covertible Debentures and Bonds to Financial Institutions and Banks for Rs.1479 crore, these funds utilised earlier to restructure the IFCI. These Debentures and Bonds will be converted to Equity shares to FIs with a face value of Rs.10/- share at Rs.80 premium.