IDFC to sell controlling stake in IDFC Infrastructure Finance to NIIF II

IDFC | The share price has risen 30 percent in the last three trading sessions. On August 12, the stock closed at Rs 26.35 against a close of Rs 20.3 on August 7, 2020.

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Private lender IDFC Ltd on Wednesday said it will sell controlling interest in IDFC Infrastructure Finance Ltd to National Investment and Infrastructure Fund II, for an undisclosed amount.

IDFC Ltd, IDFC Financial Holding Company Ltd (IDFC FHCL) and IDFC Infrastructure Finance Ltd (IDFC IFL) have entered into a definitive agreement with National Investment and Infrastructure Fund II (NIIF II) in this regard, IDFC said in a regulatory filing.

"Pursuant to the said agreement, NIIF II shall acquire controlling interest in IDFC IFL from IDFC FHCL," the filing added.

National Investment and Infrastructure Fund Limited (NIIFL) is an investor-owned fund manager, anchored by the Government of India in collaboration with leading global and domestic institutional investors.

It manages over USD 3 billion of capital commitments across three funds including NIIF II, each with its distinct investment strategy, as per the company website.

This acquisition will conclude on the receipt of the requisite regulatory approvals including from the Reserve Bank of India.

Shares of IDFC Ltd were trading 1.39 percent lower at Rs 35.60 apiece on BSE.