Citigroup and Lehman Brothers are leading the race to acquire a 26 percent strategic stake in Indian long-term lender IFCI Ltd., Reuters has reported.
IFCI, which has reported losses for many years due to high levels of bad loans, appointed consultants Ernst & Young in March to find a strategic partner.
“Offers made by Citi and Lehman are more attractive than others,” an unnamed investment banker who said he was involved in the deal told the Hindustan Times. “A decision over the stake sale is expected by the month-end.”