One important point got unnoticed when I read this first time couple of months back, I learnt it and want to highlight that for other readers.

If we place the exercise order while the market price is 75 and the closing price of IFCI is 72; the exercise will be settled at 72.
This is perhaps another reason why people opt for closing the long position by shorting the same option rather than exercising it.
Along with the Time Value, they get the Intrincic Value what they see.