(Reuters) – Infrastructure Development Finance Co (IDFC) will raise 8.4 billion rupees ($179 million) by selling convertible securities to Malaysian state fund Khazanah and private equity firm Actis, the Economic Times reported on Thursday.
The Indian infrastructure finance company will issue preference shares to Khazanah and Actis that will be converted into equity in 18 months, the newspaper said, citing a board member at IDFC.
Following the issue, Khazanah’s shareholding in IDFC will be around 9 percent while Actis will hold 1.7 percent, Vikram Limaye, also an IDFC executive director, told the paper. Khazanah is locked in a bidding battle with India’s Fortis Healthcare (FOHE.BO) to take control of Singapore hospital operator Parkway Holdings (PARM.SI). [ID:nSGE66002F] ($1=47 rupees) (Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)