IFCI, a primary financial consultancy in India, announced that the government of India has acquired 6,00,00,000 preference shares of Rs 10 each of the company from certain scheduled commercial banks and has consequently increased its holding from present 47.93% to 51.04% of the paid-up share capital of the company.

As a result of the above mentioned increase in shareholding of the government of India, IFCI has become a 'Government Company' as per the provisions of section 2(45) of the companies act, 2013, w.e.f. Apr. 07, 2015.

Shares of the company gained Rs 1.15, or 3.4%, to trade at Rs 35. The total volume of shares traded was 399,273 at the BSE (11.12 a.m., Wednesday).