IDFC launches up to $164 mln share sale - term sheet

MUMBAI (Reuters) - IDFC Ltd on Wednesday launched a share sale to institutional investors to raise up to 10 billion rupees ($164 million), according to a deal term sheet seen by Reuters.

It is selling up to 73 million shares at an indicative price of 137 rupees, the term sheet showed. The price is a 5.5 percent discount to the stock's Wednesday closing price of 144.90 rupees.

IDFC, an infrastructure lender and one of the two companies that won licences this year to set up banks, said in a separate regulatory filing on Wednesday that it had launched a share sale. It did not say how much it planned to raise.

 

Several companies have launched share sales in the last few months, riding a surge in the stock market that is hovering near record highs.

($1 = 60.9200 Indian rupees)

(Reporting by Abhishek Vishnoi, Devidutta Tripathy and Himank Sharma; Editing by Sumeet Chatterjee and Pravin Char)