IDFC gives in principle nod for local fund raising plans

IDFC, country’s leading integrated infrastructure finance player, consequent upon receipt of the in-principle approval for the banking license from RBI, has given in principle nod for local fund raising plans, for bringing down foreign share holding in company below 50%. The company’s board of directors at their meeting held on June 3, 2014 have approved the same. The company has reported 50.93% fall in its net profit after tax, share of minority interest and share of profit from associates at Rs 257.94 crore for the quarter ended March 31, 2014 as compared to Rs 525.70 crore for the same quarter in the previous year. However, total income of the company has increased marginally to Rs 2219.57 crore for quarter under review as compared to Rs 2218.41 crore for the quarter ended March 31, 2013.