IDFC to raise Rs 840 cr

After successfully tapping the QIP route to raise Rs 2,654-crore,Infrastructure Development Finance Company (IDFC) will be mopping-up an additional Rs 840-crore through a preferential issue of Compulsory Convertible Preference Shares (CCPS).

Malayasian sovereign fund,Khazanah,currently locked in a battle with India’s Fortis to have a controlling stake in Parkway Holdings,and global private equity major Actis will be investing Rs 380-crore and Rs 460-crore respectively,a release issued by IDFC said today.

The CCPS will involve a cash dividend of 6 per cent per annum and can be converted into equity shares any time during the next 18-months at a conversion price of Rs 176 per share,it added.

Story continues below this ad

The company has sought shareholders’ approval through postal ballot for the same.

Recently,the company had raised Rs 2,654-crore through the qualified institutional placement (QIP) route at a price of Rs 168.25 per share.

Shares of IDFC gained 2.35 per cent to close at Rs 181.40 in the Bombay Stock Exchange on Wednesday.