Capital First BUY with PT of Rs 460/-

Capital First Ltd. (CFL) to raise Rs 3.0 bn through QIP; positive for the stock; maintain our BUY with PT of Rs 460/- | Capital First has opened a qualified institutional placement (QIP) of equity shares upto Rs 3.0 bn on March 19, 2015. The floor price is Rs 409.90 per share. The Issue Price cannot be lower than the Floor Price and the company may offer a discount of not more than 5% on the floor price. The board approved raising of funds upto an equivalent of Rs 3 bn through QIP as on September 24, 2014. (IndiaNivesh)