PNB may bid for IFCI stake

Punjab National Bank may bid for a 26 per cent holding in institutional lender IFCI Ltd., the Economic Times reported on Monday, quoting the bank's chairman and managing director. "The bank's board will take a final call on the matter," K.C. Chakraborty told the newspaper, adding the bank shared some common account holders with IFCI. The paper said state-run Punjab National had sought to acquire a controlling stake in IFCI more than three years ago but the proposal fell through. A spokesman at the bank could not be immediately reached. State-run IFCI is looking for a strategic investor and has appointed Ernst & Young as its advisors. Last month, the Economic Times had reported that Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays were eyeing a 26 per cent in IFCI.

Source: ET