India’s Infrastructure Development Finance Co (IDFC) has raised $575 million through share sale to institutional investors, two sources with direct knowledge of the deal said on Tuesday. The qualified institutional placement, which opened on Monday and closed a day later, has been priced at 168.25 rupees a share, said the sources, who declined to be named as they were not authorised to speak to the media.
“The response from both domestic as foreign investors has been very strong,” a source said, adding the issue would lead to equity dilution of 10.6 percent.
Credit Suisse, Morgan Stanley, CLSA, and IDFC Capital managed the share sale, the sources said. Officials at the banks could not immediately be reached by Reuters for comment.