IDFC launches up to $575 mln shr sale - sources

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June 29, 2010 10:38 AM EST

Infrastructure Development Finance Co on Monday launched a share sale to raise up to $575 million through a qualified institutional placement, two sources with direct knowledge of the matter said.

The floor price for the sale of shares of IDFC, a lender and consultant for infrastructure projects, was set at 168.25 rupees ($3.6) a share, said the sources, who declined to be named as they were not authorised to speak to the media.

The floor price represents a discount of roughly 1 percent on the company's closing share price of 169.90 rupees on Monday.

Credit Suisse, Morgan Stanley, CLSA, and IDFC-SSKI are managing the share sale, the sources said.

Officials at the banks could not immediately be reached by Reuters for comment.

In late April, the lender's board had approved raising up to 35 billion rupees ($750 million) to fund future growth needs, through equity or equity-linked instruments.

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