IFFCO withdraws plea from NCLT in Triumph Offshore case

Fertiliser cooperative IFFCO withdrew plea from NCLT restraining Triumph Offshore from issuing shares. This comes after IFFCO sold stake to Swan Energy for Rs 440 crore. IFFCO had sought to prevent share issuance for loan repayment, fearing dilution. NCLT allowed the withdrawal of plea on June 27. Triumph Offshore primarily aims to establish an FSRU project with Swan Energy holding a 51 per cent stake.