IDFC raises Rs 1,000 cr from QIP

Infrastructure financing firm IDFC has raised Rs 1,000 crore from the qualified institutional placement (QIP).

The company has approved issuance of 7.3 crore shares at a price of Rs 137 per equity share aggregating to Rs 1,000.10 crore to qualified institutional buyers (QIBs).

Earlier on July 29, the shareholders of IDFC had allowed issuance of shares for up to Rs 2,000 crore to QIBs.

IDFC in April this year was granted an in-principle licence by the RBI to set up a commercial bank.

Shares of IDFC closed at Rs 149.05, down 0.67 per cent over previous close on the BSE on Friday.