Transport Corp. of India Ltd. announced that it has received INR 597.6 million in funding from Infrastructure Development Finance Co. Limited, Asset Management Arm.

Transport Corp. of India Ltd. (BSE:532349) announced a private placement of up to 2,400,000 common shares to new investor IDFC Mutual Fund - IDFC Premier Equity Fund, a fund managed by Infrastructure Development Finance Co. Limited, Asset Management Arm at a price of INR 249 per share for gross proceeds of INR 597,600,000 on January 3, 2015.

Each share to be issued will have a par value of INR 2 at a premium of INR 247 per share. As a part of the round, the investor will acquire a total of 3.17% stake in the company. The transaction has been approved by the board of directors of the company and is subject to shareholders' approval to be obtained in an extra ordinary general meeting to be held on January 29, 2015.

The company will issue securities on preferential basis. The transaction will be closed within 15 days from approval. The shares to be issued in the transaction will have a lock-in period pursuant to ICDR Regulation.