Mumbai, Sep 29 () Banker Sajeeve Thomas and Redkite Capital, a New Delhi-based non-banking lender, today picked up infra lender IFCI’s 24 per cent stake in Tourism Finance Corporation of India (TFCI) for Rs 290.63 crore through a block deal.

“IFCI has sold 1,93,72,020 equity shares representing 24 per cent of the stake in TFCI at an average price of Rs 150.03 today,” IFCI said in a regulatory filing.

Sources said Redkite Capital and Thomas have picked up the stake through block deals.

Redkite is a New Delhi-based NBFC focused on the wholesale lending, while Thomas has an experience of over 30 years in banking with stints at Japanese lender Shinsei Bank and Wall Street major Citigroup.

According to sources, private sector lender IDFC Bank acted as the advisor to IFCI for the stake sale.

Earlier in May, the long-term infrastructure lender had announced that it would be selling its entire 26.09 per cent stake in TFCI.

Among the Indian promoter shareholders in TFCI, IFCI held 26.09 per cent as of June 30. Life Insurance Corporation has 6.71 per cent, Bank of India holds 4.05 per cent, United India Insurance owns 1.15 per cent and Oriental Insurance holds 1.07 per cent in the company.

Institutions, including mutual funds, foreign portfolio investors, non-institutions, NBFCs, NRIs and corporate bodies own the rest 60.93 per cent in the company, showed the BSE data.

TFCI is a specialised financial institution aimed at expediting tourism infrastructure growth. It provides dedicated line of credit on long-term basis to tourism related projects.

Stock of IFCI closed 0.44 per cent up at Rs 23 on BSE. TFCI ended 2.17 per cent down at Rs 142.05. AA KPM BEN NP

Source: LINK

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