Mumbai, June 27: The Infrastructure Development Finance Company (IDFC) today announced a price band of Rs 29-34 for its initial public offering. The company has filed a red herring prospectus with the Registrar of Companies.

The public offering of 40.36 crore shares comprises a fresh issue of 12 crore equity. Up to 50 per cent of the issue will be allotted to qualified institutional buyers (QIBs) on a discretionary basis.

At least 15 per cent of the issue will be given on a proportionate basis to non-institutional bidders and at least 35 per cent will be set aside for retail investors.

The issue is being made to avail of the benefits of listing and raise capital to support the future growth in assets. At the lower end of the price band, the IPO will raise close to Rs 1170 crore.