India''s finance minister on Dec 29 backed state-run lender IFCI''s decision to reject a bid from a consortium of Sterlite Industries and Morgan Stanley and said he expected more offers to come in when the bidding process starts again.We got a single bid, a conditional bid. Therefore, IFCI rejected the single, conditional bid. And in my view that''s a correct decision, Palaniappan Chidambaram told reporters on the sidelines of an event in Bangalore.IFCI Ltd''s shares had plunged more than 23 percent on Dec. 20 after its board turned down an offer from the consortium led by Sterlite Industries to buy a 26 percent stake.The shares have dropped more than 18 percent since IFCI announced the rejection of the bid, but are still up 575 percent this year.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment