IDFC declines on decrease in foreign investment ceiling

IDFC lost 0.18% to Rs 137 at 9:17 IST on BSE after Reserve Bank of India yesterday, 30 September 2014, notified decrease in foreign investment ceiling in the company to 48% from 50%.

Meanwhile, the S&P BSE Sensex was down 14.78 points or 0.06% at 26,615.73.

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 9.11 lakh shares in the past two weeks.

The stock hit a high of Rs 138 and a low of Rs 136 so far during the day.

The Reserve Bank of India (RBI) yesterday, 30 September 2014, notified decrease in the ceiling for purchase of equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in IDFC from 50% to 48%. RBI said that IDFC has passed resolutions at the Board of Directors' level and a special resolution by the shareholders agreeing for decreasing the limit for investment in the company by FIIs/RFPIs. RBI further said that IDFC will remain included in the ban list for FIIs/RFPIs as the 48% ceiling has been reached.

IDFC's consolidated net profit fell 13.6% to Rs 481.74 crore on 4.8% decline in total income to Rs 2189.15 crore in Q1 June 2014 over Q1 June 2013.

IDFC is India's leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.

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