The sale of a 26% stake in IFCI may be delayed till the end of the current fiscal since banks and FIs are yet to give a firm commitment on whether they would convert their debt into equity. Besides, at this stage it’s also unclear whether the Centre would want to convert its Rs 923 crore loan into equity. As a result the eight bidders in the fray do not have clarity on what exactly constitutes the 26% stake in IFCI. It appears that banks are in favour of converting a part of their debt into equity. This would, however, increase the number of shares and in turn impact valuation of the 26% stake. Last month, the IFCI board had decided to offer 30 odd banks and FIs, which had helped in restructuring its liabilities, the option to convert a part of their debt, worth Rs 1,479 crore, into equity. […]