Tuesday, July 13, 2010

>IDFC: Building appetite (AMBIT)

Operational triggers remain

Raises $575mn through QIP at Rs168.25/shr
Dilution at ~12% of pre-diluted equity
Capital raising signals intent to capitalize on huge growth opportunities
Equity raising likely to trigger rating upgrades from independent agencies
IFC status. concomittant with higher ratings, to help bring down marginal cost of funds by 15-20bps
Maintain BUY at current levels; TP revised to Rs210 on FY12E estimates

To read the full report: IDFC

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