The Indian Railway Finance Corporation Ltd. (IRFC) has greenlit the financing of 20 BOBR (Bogie Open Bottom Rapid) Rakes and introduced a new Chief Risk Officer (CRO). These decisions were made during a board meeting on Tuesday, October 8, 2024.

What Happened: The board sanctioned the financing of 20 BOBR Rakes procured under the General-Purpose Wagon Investment Scheme (GPWIS) of the Ministry of Railways to NTPC for an amount up to ₹700 crore under the Finance Lease.

See Also: Bharti Airtel Said To Eye Acquisition Of Another Loss-Making Tata Group Company

Along with the financing decision, the board also declared the appointment of Ajoy Choudhury as the new chief risk officer (CRO) for a fixed tenure of two years. Choudhury, a Cost & Works Accountant with 36 years of experience, was endorsed by the RMC Committee. He has worked in NHPC, Power Grid, REC and retired as Director (Fin) from REC.

This comes as shares of IRFC recovered strongly today. The stock closed 5% higher on Tuesday. IRFC’s share price has been under pressure over the past weeks. In the last 30 days, the stock has gone down around 10%.

Read Next: FIIs, Parag Parikh Flexi Cap Fund Raise Stake In Coal India, LIC Cuts Holding