Just around two weeks after the Industrial Finance Corp of India (IFCI) became a government-owned company; its board looked set for a complete overhaul.

The government has replaced two of the company's nominee directors, while four of the eight independent directors from the 12-member board have also resigned. The four independent directors who have departed the
12-member board are: Atul Ashok Galande, Vijendra Singh Jafa, Shabbeer Pasha and Shohbit Mahajan. More replacements and resignations are likely in the coming days.

The non-banking finance company's board saw exodus following the government started taking control of the board from December 21 last year.

The decision on fate of Atul Rai, the current chief executive and managing director of the company, is being eagerly awaited.

However, it is still unclear whether the government, which owns 55.6 per cent stake in the company, is only revamping the board or will also embark on a management revamp.

Previous to becoming a government-owned company, IFCI board had 12 members, including eight independent directors, two government nominees and one LIC nominee, besides Atul Rai.

IFCI shares gained more than 11 per cent to close at Rs 38.15 on the Bombay Stock Exchange (BSE) on Friday.