IDFC raises Rs.2100 crores through Qualified Institutional Placement

Infrastructure Development Finance Company Ltd (IDFC) has announced that the Company on July 05, 2007 has successfully placed its QIP offering of Rs 2,100 crores through issue of 165,354,330 shares at a price of Rs 127 per share. The issue generated significant interest from a number of high quality institutional investors across Asia, Europe and the United States. The proceeds of offering shall be used to augment the Company's capital base, enhance the strength of its balance sheet for its lending operations, provide seed capital to some of the funds the Company manage, to explore opportunities in principal investments and for general corporate purposes.

The settlement is expected to take place by July 10, 2007 and then these shares will be listed on NSE and BSE.

Citi and UBS were Advisors and Book-Running Lead Managers while JM Financial and Kotak, were Book-Running Lead Managers to the transaction.

The stock was trading at Rs.124.85, down by Rs.4.90 or 3.78%. The stock hit an intraday high of Rs.132 and low of Rs.124.10. The total traded quantity was 540678 compared to 2 week average of 1917828.

Source : Equity Bulls

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