IDFC gains after launching share sale to QIBs

IDFC rose 2.86% to Rs 149.10 at 10:55 IST on BSE after the company said it launched a share sale to qualified institutional buyers on Wednesday, 10 September 2014.

The company made the announcement after market hours on Wednesday, 11 September 2014.

Meanwhile, the BSE Sensex was down 63.38 points, or 0.23%, to 26,994.03.

On BSE, so far 10.43 lakh shares were traded in the counter, compared with an average volume of 14.06 lakh shares in the past one quarter.

The stock hit a high of Rs 152.35 and a low of Rs 147 so far during the day. The stock hit a 52-week high of Rs 166.70 on 21 July 2014. The stock hit a 52-week low of Rs 86.35 on 30 September 2013.

The stock had underperformed the market over the past one month till 10 September 2014, rising 0.35% compared with 6.82% rise in the Sensex. The scrip had,m however, outperformed the market in past one quarter, rising 6.86% as against Sensex's 5.76% rise.

The large-cap company has an equity capital of Rs 1517.14 crore. Face value per share is Rs 10.

The floor price for the share sale has been fixed at Rs 143.70 each, IDFC said in a filing to the BSE.

Earlier on 29 July 2014, the shareholders of IDFC had allowed issuance of shares for up to Rs 2000 crore to qualified institutional buyers (QIBs).

IDFC in April this year received in-principle approval for banking license from the Reserve Bank of India. The banking regulations require that a bank should be floated by a domestic entity and it should pare foreign investor holding to 49% to run banking services. As on 30 June 2014, FIIs held a 51.81% stake in IDFC.

IDFC's consolidated net profit fell 13.55% to Rs 481.74 crore on 7.63% fall in total income from operations to Rs 2122.52 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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