NEW
DELHI: Amid reports that IFCI will again invite bids for inducting a strategic
partner, Punjab National Bank today said it may bid for the stake through a
consortium.
"If other people approach us and if it looks exciting, we may bid... We have not taken a view on that (rebidding for IFCI stake)," PNB Chairman and Managing Director K C Chakrabarty told reporters here.
The bank would not bid as a standalone entity but as a part of a consortium, he said.
IFCI board would meet on June 12 to consider the induction of strategic investor.
Last year, PNB was part of consortium led by Shinsei Bank Ltd along with JC Flowers & Co.
However, the IFCI board had aborted the process for 26 per cent equity sale to a strategic partner, as it did not agree with the highest bidder's demand for management control.
NRI billionaire Anil Aggarwal-led Sterlite Industries, jointly with global investment banking giant Morgan Stanley, had emerged as the front-runner by quoting the highest price.
Earlier, in 2004 there was effort to merge IFCI with PNB which ultimately failed.
Shares of the PNB closed up by one per cent at Rs 449 while IFCI scrip gained 1.79 per cent to close at Rs 59.7.
"If other people approach us and if it looks exciting, we may bid... We have not taken a view on that (rebidding for IFCI stake)," PNB Chairman and Managing Director K C Chakrabarty told reporters here.
The bank would not bid as a standalone entity but as a part of a consortium, he said.
IFCI board would meet on June 12 to consider the induction of strategic investor.
Last year, PNB was part of consortium led by Shinsei Bank Ltd along with JC Flowers & Co.
However, the IFCI board had aborted the process for 26 per cent equity sale to a strategic partner, as it did not agree with the highest bidder's demand for management control.
NRI billionaire Anil Aggarwal-led Sterlite Industries, jointly with global investment banking giant Morgan Stanley, had emerged as the front-runner by quoting the highest price.
Earlier, in 2004 there was effort to merge IFCI with PNB which ultimately failed.
Shares of the PNB closed up by one per cent at Rs 449 while IFCI scrip gained 1.79 per cent to close at Rs 59.7.
