Shares in IFCI down 5 percent after falling as much as 18.7 percent in early morning trade after India's capital markets regulator, Securities and Exchange Board of India (SEBI), passed an order on Monday allowing the government to acquire control of the company without making an open offer.

The SEBI order, uploaded on its website late on Tuesday, cleared the government's proposal to acquire majority stake in IFCI by converting 9.23 billion rupees of debt into shares at par value.

After the conversion, the government would own 55.57 percent of the infrastructure lender.

(Agencies)

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