India-focused infrastructure business Infrastructure Development Finance Company (IDFC) has raised $575 million through a share sale, a source close to the company told Infrastructureinvestor.com.
That sale was part of a planned share issue of up to Rs.3500 crore (€618 million; $752 million), IDFC said in a statement to the Bombay stock exchange.
The shares were reportedly priced at Rs.168.25 per security in a transaction that saw participation from large domestic and international institutional investors, according to media reports.
Recently, IDFC has been classified as an infrastructure finance company by the Reserve Bank of India. This will allow the company to more easily borrow funds at a lower cost in addition to increasing the amount it is able to lend to third parties.
IDFC is India’s largest infrastructure-focused private equity fund manager and currently has more than $1.3 billion in assets under management.