IDFC to raise up to Rs 3500 crores

Infrastructure Development Finance Company Ltd has announced that the Board of Directors of the Company at its meeting held on April 27, 2010, approved, in principle, a plan to raise Tier 1 and / or Tier 2 capital up to Rs. 3500 crore for meeting future growth needs. This is expected to be raised through issue of appropriate equity or quasi-equity instruments in one or more tranches over the next 12 months. This is subject to the approval of the shareholders and all Regulatory Authorities, as applicable.

The stock was trading at Rs.169.25, down by Rs.0.05 or 0.03%. The stock hit an intraday high of Rs.173.20 and low of Rs.168.50.

The total traded quantity was 1148020 compared to 2 week average of 1024948.

Source : Equity Bulls

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