Financial Daily from THE HINDU group of publications
Friday, Dec 23, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 23, 2005 |
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Markets
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Stocks Money & Banking - Mergers & Acquisitions IDFC plans to buy 19.4 pc stake in Feedback Ventures Our Bureau
Mumbai , Dec. 22 THE Infrastructure Development Finance Company Ltd (IDFC) has decided to buy 19.4 per cent equity in the Delhi-based Feedback Ventures Pvt Ltd, an infrastructure advisory, engineering services and project development company. IDFC will also have two of its directors on the board of Feedback Ventures. This would be IDFC's initial investment in the company, marking its commitment to a strategic alliance between the two to jointly provide infrastructure advisory services in the country, said IDFC in a statement to the stock exchanges on Thursday. IDFC would also invest Rs 10 crore in Optionally Convertible Preference Shares of the Feedback Ventures, which would be convertible, at the option of the company, into equity shares at the end of three years. Through this strategic alliance, the company and Feedback Ventures propose to work together to provide high quality advisory services for infrastructure development in the country, said the statement. The transaction is expected to close in the next 30 days. The proposal for the alliance was approved by the Credit Committee of IDFC on Thursday.
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