Parekh to be IDFC non-executive Chairman for 3 more years

Deepak Parekh has been re-appointed non-executive Chairman of Infrastructure Development Finance Company (IDFC) for three more years, the company said today.      

Besides, the company's board has also re-appointed Rajiv B Lall as Managing Director and Chief Executive Officer, Infrastructure Development Finance Company said in a filing to the Bombay Stock Exchange.      

Deepak Parekh is also Chairman of the country's largest housing finance company HDFC.      

The appointment of Parekh would be effective from May 14 this year, whereas that of Lall will come into effect on January 10, 2010, it further said.      

According to the company, both the re-appointments are for three years.      

Meanwhile, IDFC today said it has allotted 30,000 fully paid-up equity shares of Rs 10 each to its employees under the employee stock option scheme.      

Yesterday, IDFC reported a net profit of Rs 116.23 crore during the fourth quarter of 2008-09, registering a dip of 23.99% compared to Rs 152.92 crore of the same period a year ago.      

Shares of IDFC jumped 12.91% and were trading at Rs 76.55 in late afternoon trade at the BSE.