India’s IDFC board approves raising up to Rs. 5 billion of debt

By Sarah Lizee

Olympia, Wash., May 24 – IDFC Ltd. informed the Bombay Stock Exchange that its board of directors met on Friday and approved raising up to Rs. 5 billion of nonconvertible debentures and commercial paper on a private placement basis.

The debt would be issued with an overall borrowing limit of Rs. 100 billion and is subject to shareholder approval.

IDFC was established in 1997 by the Government of India specifically to promote private sector participation in commercially viable infrastructure projects.

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