The board of country’s oldest financial institution IFCI will meet again on June 12, 2008 to consider the issue related to the induction of strategic partners.

The board failed to take any decision in Thursday’s meeting (May 29)

An IFCI official said that the board, during the meeting, discussed advice received from merchant bankers on strategic sale.

The next board meeting would take these matters forward and decide on the roadmap for the strategic sale, the official said.

Last December, IFCI had rejected the planned sale of a 26% equity stake as the Sterlite-Morgan Stanley consortium sought management control of the state-run firm.

On the back of renewed discussions to induct strategic partner, the shares of IFCI on Thursday zoomed 6.5% to close at Rs 62.30 on the Bombay Stock Exchange (BSE).

It touched an intra-day high of Rs 65. The scrip has been a favourite with the markets ever since news of strategic sale erupted last year. It rose to a high of Rs 121.20 on December 17, 2007 before hitting a low of Rs 36.70 on March 24, 2008.