IDFC cuts foreign stake limit to 48 percent

IDFC has agreed to decrease the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges under the Portfolio Investment Scheme (PIS) up to 48 percent of the paid up capital. Earlier limit for such investments in the company was 50 per cent. The company has passed resolutions at the Board of Directors' level and a special resolution by the shareholders, agreeing for decreasing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. Besides, Reserve Bank notified that IDFC will remain included in the ban list for FIIs/RFPIs. IDFC is the country’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.