IFCI move

New Delhi, Dec. 1: City-based IFCI will convert all optionally convertible bonds given to public sector banks into equity and retain the holding of state-run insurance companies at the present level of over 13 per cent. The move will raise the stake of these banks in the company to more than 25 per cent. At a board meeting here, IFCI fixed December 14 as the last date for receiving financial bids from the suitors, the company said in a statement.

Forex kitty

Mumbai, Dec.1: The country’s foreign exchange reserves rose by $1.13 billion for the week ended November 24 to $272.28 billion. The reserves stood at $271.14 billion in the previous week.