Merchant bankers shortlisted for IFCI, PNB merger

Amid the rush of public sector unit IPOs, the government is pushing ahead with the proposed merger of IFCI with Punjab National Bank (PNB). ...

Amid the rush of public sector unit IPOs, the government is pushing ahead with the proposed merger of IFCI with Punjab National Bank (PNB). In a recent meeting held in Mumbai, six merchant bankers have been shortlisted for the merger process.

According to sources in financial institutions, the merchant bankers shortlisted include SBI Caps, KPMG, Pricewaterhouse Cooper, Ernst & Young, McKinsey and DeloitTus & Haskins. Out of the six merchant bankers shortlisted one would be selected. A meeting of PNB, IFCI and finance ministry officials is expected to be held shortly to finalise the merchant banker.

Sources present in the meeting stated that IDBI, which is the major shareholder in IFCI, had made a strong point to ensure that the swap ratio takes care of IDBI’s interests. Keeping that in mind, the swap ratio is expected to be better for IFCI than what was expected earlier, sources said.

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Meanwhile, IFCI has already initiated a round of VRS in the FI to streamline its workforce. This move was in keeping with the announcements which was made by the former chairman and managing director of IFCI V P Singh. According to IFCI sources, the VRS has not got the desired response from the employees mainly due to the fact that the package offered was not attractive enough. The VRS which was launched in the end of January would continue till March 31, sources said.

The package which has been offered states that the staff opting for the VRS would get two months salary for the years of service put in for the years of service left whichever is less. On top of that would be the provident fund and other payments which are mandatory to the employees.

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