TFCI surges over 8% after big block deal

Rohan Takalkar / 29 Sep 2017

TFCI surges over 8% after big block deal
Tourism Finance Corporation of India (TFCI) witnessed a surge in its stock price on reports of a block deal on Friday. About 1.9 crore equity shares were traded on NSE and BSE at an average price of Rs 150 per share through a block deal worth Rs 293 crore.   

Tourism Finance Corporation of India (TFCI) witnessed a surge in its stock price on reports of a block deal on Friday. About 1.9 crore equity shares were traded on NSE and BSE at an average price of Rs 150 per share through a block deal worth Rs 293 crore.   

IFCI,which held 26.09% stake in TFCI, is said to have sold 24% stake in TFCI through this block deal. Among the several companies interested in IFCL's stake is Thomas Cook (India) Ltd, which is a travel services firm and a forex dealer.  

TFCI is an NBFC that provides financial assistance for tourism sector. It funds tourism projects, hotel projects, amusement parks, ropeways, multiplexes, restaurants etc. The decision to exit TFCI is a part of IFCI's plan to exit its non-core assets.  

TFCI was trading at Rs 157.2 per share, up by Rs 12 or 8.3% intra-day on Friday on the BSE.