IFCI is the top gainer on the BSE, opening with a gain of over 3.5% at Rs.8.25, going on to hit an intra day high at Rs.9.26, up 16%. Its not too far from its 20% UC for today at Rs.9.56.

The company announced yesterday evening, post its Board meeting that they have approved the sale of IFCI's remaining stake of 1.21 crore equity shares, comprising of 2.44% of the total equity shares of NSE.

IFCI holds 2.4% stake in NSE and based on current valuation, a 2% stake sale will bring in Rs.1000 crore or more.

It also plans to sell stake in Clearing Corporation of India Ltd (CCIL) and Stock Holding Corporation of India Ltd (SHCIL) and this could bring in around Rs.500 crore and Rs.1200 crore respectively.

IFCI is also due to get an equity infusion of Rs.200 crore from the Govt. If all this happens in the current fiscal, IFCI could well end up with a green balance sheet.

It has ended FY19 with a turnover of Rs.454 crore and net loss of Rs.38 crore.