Sterlite Industries, Shinsei Bank Ltd. and Cargill Financial have finally submitted bids for acquiring 26% stake in IFCI. While the consortium of WL Ross, GS Capital Partners VI Fund and Standard Chartered Bank and Housing Development Finance Corp has opted out.

However, Cargill Financial Services and Texas Pacific did not submit the bid.

IFCI wants to divest 26% of its stake. As many as 10 suitors had expressed preliminary interest in buying the stake but only eight were short-listed by IFCI board. Out of these eight bidders, only four undertook due diligence of IFCI.

Atul Rai, Chief Executive of IFCI said “The induction of a strategic partner is aimed at bringing in financial resources and management expertise without diluting the basic character of IFCI as a development financial entity.

The IFCI board would consider the bids in its meeting to be held on December 17, which was earlier scheduled for December 20. After the board approval, the decision has to get the sanction from regulatory bodies.

The company presently holds market cap worth Rs. 7258 crore, PE Ratio of 4.77; EPS of 23.85 and BV of 0.25. The firm had showed a net profit of Rs 497 crore for the quarter ended September 2007 as against Rs. 116 crore in same quarter of last year.

The stock closed on Friday at Rs. 114 on NSE, up by 1.29% compared with previous close of Rs.112. It touched an intraday high of Rs. 116 and low of Rs. 112.