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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.
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.
