IDFC plans Rs 10,000 crore fund raise for biz expansion

New Delhi: IDFC will seek its shareholders' approval to raise Rs 10,000 crore by issuing debt securities on private placement basis.

The company said it needs money to augment its business.

"IDFC has been borrowing through issue of NCDs...In order to augment the business of the company, it is proposed to seek approval of the shareholders for borrowing by issuance of non-convertible securities on private placement basis not exceeding Rs 10,000 crore," it said in an exchange filing.

IDFC said the pricing of the secured redeemable non- convertible debentures (NCDs)/commercial papers will depend upon the then prevailing market conditions and the regulatory scenario.

The annual general meeting of the company is scheduled for July 28, 2017.

Shares of the company today closed 1.90 per cent down at Rs 54.25 on BSE.