The list includes a Standard Chartered-led consortium, IDFC [Get Quote], Blackstone and another consortium led by the Shinsei Bank of Japan. Today was the last day for submitting the expressions of interest (EoIs).

Sources close to the developments said  the  Standard Chartered-led consortium  included Goldman Sachs, WL Ross and HDFC [Get Quote] and submitted its EoI today.

Goldman Sachs already has a 3.3 per cent stake in IFCI, while WL Ross has exposure to non-performing   assets worldwide and has been successful in turning around stressed companies.

The members of the Shinsei-led consortium include Punjab National Bank [Get Quote] (PNB) and JC Flowers. PNB chairman K C Chakrabarty said: "PNB has business synergy with IFCI and there is a huge expansion opportunity for IFCI."

Industry sources said IFCI's large exposure to project finance, its real estate assets and  thriving market for non-performing assets in the country had attracted many domestic as well as foreign institutions.

However, sources close to  the sale said the recent spurt in the share prices of IFCI might  cast its shadow on the stake sale. The IFCI stock, which  was hovering at Rs 10-12 at the beginning of the year, closed at Rs 77.20 on the BSE today. 

At its current price, the market capitalisation of the country's oldest development financial institution stands at Rs 4,940 crore (Rs 49.40 billion). So, 26 per cent in IFCI would cost Rs 1,285 crore (Rs 12.85 billion).

According to the sources, many players who have expressed their interest now may not end up submitting a final bid.

After today's closure of submission of EoI, IFCI's advisor, Ernst & Young, will shortlist candidates by September 25. IFCI will issue requests for proposal to the shortlisted players on October 1.

The selection of the strategic investor will take place in January. There will also be a lock-in period of three years for the entity or the consortium which would be selected as the new shareholder.