TFCI to raise Rs 160cr via private placement

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New Delhi, Feb 1 (UNI) Tourism Finance Corporation of India Ltd (TFCI), an associate organisation of IFCI Ltd, today said it will raise about Rs 160 crore through the private placement route within this fiscal.

''We will raise Rs 160 crore through the private placement route within this year to fund our financing activities,'' TFCI CMD Archana Capoor told reporters here.

Of the proposed issue 40 per cent will be subscribed by promoters of the corporation like IFCI, SBI, Canara Bank, Lic and other.

Qualified Institutional Buyers (QIB) including FIIs will subscribe 60 per cent to the issue.

Currently FIIs hold one per cent in the corporation and the present limit stands at 24 per cent. Ms Capoor said the corporation will soon convene an EGM to raise the limit to 49 per cent.

The current order book of the corporation is quite strong and it anticipates to have project related sanctions of over Rs 300 crore during the current financial year as against that of Rs 214 crore during the previous year thereby recording a growth of over 40 per cent.

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