The country’s oldest financial institution, IFCI, will invite bids later this month for the sale of 26% stake to a strategic investor. “We will float global advertisement for inviting bids for strategic sale of stake in the next 10-15 days,” IFCI chief executive officer R M Malla told PTI here. The board has given approval to preliminary information memorandum prepared by Ernst & Young in consultation with IFCI, he said. The memorandum lays down the criteria for selection of bids, he said. E&Y would help IFCI in carrying out modalities related with stake sale. On whether the partner would be domestic or foreign player, Malla said the path has been laid out for the induction of a strategic partner, which could be local or global investor. […]