Indian Railway Finance Corporation gains on inking MoU with IIFCL
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Indian Railway Finance Corporation is currently trading at Rs. 21.50, up by 0.15 points or 0.70% from its previous closing of Rs. 21.35 on the BSE.
The scrip opened at Rs. 21.40 and has touched a high and low of Rs. 21.50 and Rs. 21.40 respectively. So far 103032 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 26.35 on 25-Oct-2021 and a 52 week low of Rs. 19.30 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 21.55 and Rs. 21.20 respectively. The current market cap of the company is Rs. 27901.26 crore.
The promoters holding in the company stood at 86.36%, while Institutions and Non-Institutions held 4.27% and 9.36% respectively.
Indian Railway Finance Corporation (IRFC) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company (IIFCL), a Public Sector Enterprise under the Ministry of Finance, to strengthen cooperation in financing railway infrastructure projects with forward and backward linkages to Indian Railways sector. Through this MoU, IRFC and IIFCL plan to amplify each other’s capabilities, enabling them to jointly leverage the financing opportunities for viable infrastructure projects.
The MoU shall also enable both IRFC & IIFCL, being premier and established financing institutions in their respective domains, to scale-up their capabilities and explore such funding opportunities together by combining their competence & expertise. The MoU will benefit both IRFC and IIFCL to capitalize on each other’s expertise in infrastructure project financing, project due diligence, syndication, credit enhancement, re-financing etc.
IRFC was incorporated as the dedicated market borrowing arm for the Indian Railways and has played a strategic role in financing the latter's operations
