The committee of directors at the meeting held today has allotted 40 crore equity shares of the company at the face value of Rs 10 each to the government, IFCI said in a filing on the BSE.
Earlier this month, the board of IFCI had decided to convert government bonds worth Rs 923 crore into equity.
Following the conversion, the direct shareholding of the government in IFCI will increase to 55.57 per cent making it a government company.
IFCI, a term lender, is promoted by financial institutions and banks, including LIC.
In August, the Union Cabinet approved conversion of Rs 923 crore of debentures held by it in IFCI into equity.
After conversion of the Optionally Convertible Debentures (OCDs), the government holding including the stake of banks and financial institutions have gone up to 68.31 per cent.
Since 2001 the government had been giving funds to IFCI to tide over the financial problems. It initially gave Rs 400 crore in the form of 20-year OCDs.
Later in 2002-03, as part of the financial restructuring package of Rs 5,220 crore, the government gave IFCI Rs 523 crore as loan in the form of OCDs.
However, the government stopped releasing funds after IFCI started making profits.
The government equity came down to below the threshold limit of 51 per cent in 2005.
Shares of IFCI settled at Rs 30 apiece on the BSE, up 0.33 per cent from the previous close.
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