India's IDFC raises $575 million from QIP

The infrastructure-focused finance company draws strong interest despite a tight 1.17% discount, allowing the deal to be upsized from $500 million.

Infrastructure Development Finance Company IDFC, an Indian institution that provides finance for various infrastructure projects, has raised Rs26.5 billion $575 million from an upsized qualified institutional placement QIP to improve its tier-1 capital and to increase its lending capacity.

The government has estimated that $449 billion needs to be invested in Indian infrastructure, including power generation, roads, railways and irrigation projects, between 2008 and 2012 and, in a presentation earlier this month, IDFC projected about $1.1 trillion of infrastructure...

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