IDFC to raise up to $750 million via QIP

Infrastructure Development Finance Co plans to raise up to $750 million through a qualified institutional placement (QIP), a source with direct knowledge said on Thursday.                                           
 

The lender will firm up a date for the share sale after it receives shareholder approval, expected at an annual shareholder meeting on June 28.                                           

Morgan Stanley, IDFC-SSKI and CLSA are among the bankers in the running to manage the share sale, the source said.          

In late April, the lender's board had approved raising up to Rs35 billion ($750 million) to fund future growth needs, through equity or equity linked instruments.