New Delhi, July 14 -- Multibagger PSU stock IFCI rallied over 9% in intraday trade on Monday, July 14, defying weak sentiment in the Indian equity market, after the company's board recommended to the Government of India (GOI) a proposal for approval of the consolidation of the group.

While the company has already received an in-principle approval from the government for the consolidation of the IFCI Group in November 2024, the company today recommended the details on the proposed businesses to be merged following the evaluation of the Transaction Advisor.

As part of its proposal, PSU stock IFCI has suggested merging at the company level, a merger of the broking business and suggested continuation of certain entities as direct subsidiari...