IDFC to raise Rs840 crore through preference shares to Khazanah, Actis
08 Jul 2010
Infrastructure Development Finance Company ( IDFC ) said it will sell convertible securities to Khazanah, the investment holding arm of the Malaysian government, and private equity fund Actis at Rs176 a share.
According to a report in The Economic Times, the allotment would raise Rs840 crore for the company, the report said.
The company will issue preference shares to Khazanah and Actis which would be converted into equity in 18 months according to the report.
The issue will see Khazanah's shareholding in IDFC at around 9 per cent while Acits would hold 1.7 per cent , Vikram Limaye, IDFC executive director told the paper.
Speaking to CNBC-TV-18, Limaye said the company had completed the allotment of the QIP which was for about Rs2600 crore. He added that the company had board approval and shareholder approval to raise equity upto Rs3,500 crore and the rest 840 crore was bing done through preferential allotment to Khazanah and Actis.
He added that the company would have completed allotment of the entire Rs3,500 crore of capital raised that was approved by the board and shareholders.
Limaye said the dilution for the entire capital raised was likely to be around 14.5 per cent.
