IDFC raises Rs 2,100cr via QIP

Infrastructure Development Finance Company (IDFC) has raised Rs 2,100 crore through Qualified Instituitions Placement (QIP).

According to a release issued by IDFC to the BSE today, the firm offered 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 settlement of the equity shares is expected to take place by July 10, following which the shares will be listed on NSE and BSE.

"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 release added.