IFC buys stake in KPIT Cummins

BANGALORE: International Finance Corporation (IFC), the private sector arm of the World Bank, has made an equity investment of $2.5 million in the IT consulting firm KPIT Cummins Infosystems Ltd. The proposed allotment of equity shares to IFC is in accordance with the guidelines of the Securities and Exchange Board of India (SEBI) and subject to the approval of the shareholders of KPIT Cummins, for which an extraordinary general meeting is being convened on April 8, the company said in a statement here.