IDFC Q(u)IP's into green!

IDFC is currently amongst the top three gainers on the bourses. From a closing of Rs.144 yesterday, it opened higher today at Rs.147, going on to an intra day high at Rs.152, the levels around which it currently remains.  Its 52-week high is at Rs.166.

The stock is in limelight today after the company announced yesterday after market closure that it plans to raise up to Rs.2,000 crore from qualified institutional buyers. And for this placement, it has set a floor price of Rs.143.70/share and the issue opened yesterday. Following the approval from RBI to set up a bank, this is a step in that very direction as to meet the requirements, it needs to bring down FII holding to 49% before setting up a bank. FIIs currently hold a 51.8% stake in the institution.