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PNB sells stake in factoring co

Punjab National Bank has sold its entire 30% stake in India Factoring & Financial Solutions for Rs. 107.83 crore. The bank has offloaded its stake in the company to parent promoter FIM Bank Malta after approval from the board. With the acquisition of PNB’s stake, FIMBank’s share in IFFSL increased to 795. The other shareholders include Italy’s Banca IFIS (10%), Employees Trust (10%) and Mumbai-based Blend Financial Services (1%). The company started its business in October 2010 with an initial capital of Rs. 100 crore. It provides financial solutions to over 200 SMEs and SSIs in Delhi, Mumbai, Chennai, Bangalore, Kolkata, Ahmedabad and Hyderabad.

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