IDFC Board recommends 10% dividend, to increase FII limit to 74%

The Board of Directors of Infrastructure Development Finance Company Ltd (IDFC) at its meeting held on April 25, 2007, inter alia, has transacted the following:

1. Approved a plan to raise capital through issue of equity or quasi-equity instruments upto US$ 500 Million equivalent Indian Rupees, subject to the approval of the shareholders and all regulatory authorities, as applicable.

2. Recommended payment of dividend for the financial year ended March 31, 2007 at the rate of 10%, i.e. Re 1/- per equity share, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

3. Approved the increase in FII shareholding limit in the Company from 49% to 74% subject to the approval of the shareholders at the next Shareholders Meeting of the Company.

Source : Equity Bulls

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