IDFC to take 19% stake in Feedback Ventures

Infrastructure Development Finance Company (IDFC) is planning to enter into a strategic alliance with Feedback Ventures, a leading infrastructure advisory, engineering and project development company based in Delhi.

According to a release issued by IDFC to the BSE today, the company would initially take 19.4% stake in Feedback Ventures and nominate two directors on the board of the company.

"The company would also invest Rs 10 crore in optionally convertible preference shares of Feedback Ventures, which would be convertible, at the option of the company, into equity shares at the end of three years," the release added.

The transaction is expected to be closed within 30 days. The proposal was approved by the credit committee of IDFC today, the release said.