IFCI merger: Transaction advisor gives recommendations to Govt for PSU NBFC's 2-stage consolidation

IFCI to undergo consolidation in two phases: company-level merger and broking business merger.

Merger 1 includes merging four subsidiaries with IFCI Limited, which will remain an NBFC.

Merger 2 consolidates broking entities into a single subsidiary under IFCI.

Shares surged 9% after the announcement; nearly 2.2 crore shares traded by 2 pm.