IDFC fell 0.51% to Rs 136.35 at 09:18 IST on BSE after the company reduced the foreign investors' investment limit by 0.75% to 51.50%.
Meanwhile, the S&P BSE Sensex was up 57.10 points or 0.22% at 25,639.21
On BSE, so far 92,265 shares were traded in the counter as against average daily volume of 12.53 lakh shares in the past one quarter.
The stock hit a high of Rs 137.05 and a low of Rs 135 so far during the day. The stock hit a 52-week high of Rs 147.15 on 26 May 2014. The stock hit a 52-week low of Rs 76.25 on 28 August 2013.
The large-cap company has an equity capital of Rs 1516.83 crore. Face value per share is Rs 10.
The Reserve Bank of India on Tuesday, 8 July 2014, notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 51.5% of the paid up capital of IDFC under Portfolio Investment Scheme (PIS). IDFC has passed resolutions at the Board of Directors' level and a special resolution by the shareholders, agreeing for decreasing the foreign investment limit/ceiling in the company under PIS - FIIs/RFPIs from 52.25% to 51.5% for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. Further the Reserve Bank of India notified that IDFC will remain included in the ban list for FIIs/RFPIs.
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.
IDFC's consolidated net profit declined 50.9% to Rs 257.94 crore on 0.1% growth in total income to Rs 2219.57 crore in Q4 March 2014 over Q4 March 2013.
IDFC is an integrated infrastructure finance player providing end to end infrastructure financing and project implementation services. The company also offers asset management services through IDFC Mutual Fund.
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