IDFC announced that the company has signed a share purchase agreement with real estate funds managed by Blackstone. The agreement is for sale of 100% stake of IDFC in its subsidiary companies namely Galaxy Mercantiles (an IT park in Noida) and Neopro Technologies (a SEZ in Pune).

Incorporated on Jan. 30, 1997 in Chennai, IDFC was set up on the recommendations of the 'expert group on commercialization of infrastructure projects' under the chairmanship of Dr Rakesh Mohan. The group in 'The India Infrastructure Report' commended a new approach and identified the need for specialized financial intermediary for infrastructure.

Shares of the company gained Rs 1.25, or 0.89%, to trade at Rs 141.85. The total volume of shares traded was 194,672 at the BSE (10.32 a.m., Tuesday).