Educomp raises about $100 mn via share sale: sources

Educomp raises about $100 mn via share sale: sources
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First Published: Wed, Jul 08 2009. 10 52 AM IST
Updated: Wed, Jul 08 2009. 10 52 AM IST
Mumbai: Educational services provider Educomp Solutions Ltd has raised about $100 million through a sale of shares to institutional investors, two sources with direct knowledge of the deal said on Wednesday.
Educomp’s qualified institutional placement (QIP) opened on Tuesday.
CLSA was the arranger to the $100-million-issue, which has a greenshoe option of $50 million, the sources told the agency on condition of anonymity.
The company hopes to be able to raise the greenshoe amount and close the deal by the end of the day, they added.
Educomp’s chief financial officer declined to comment on the issue.
Share sales revived in April after a 15-month break as a sharp stock market rally revived investor appetite. Companies have raised more than $3 billion in equity sales this year.
Educomp’s issue is the first such since Monday’s federal budget, joining a host of other companies which launched their issues last week, including real estate firm Unitech Ltd and Housing Development & Infrastructure.
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First Published: Wed, Jul 08 2009. 10 52 AM IST
More Topics: Educomp | Equity | QIP | Money | Money Matters |