New Delhi: Infrastructure company MEP Developers Ltd said it has raised Rs161.79 crore via issue of equity shares through a qualified institutional placement (QIP).
The company in a press statement on Wednesday said it closed the QIP at an issue price of Rs77.50 per equity share, including a discount of 4.90% to the floor price of Rs81.49 per equity share calculated in accordance with Sebi rules.
Company chairman and managing director Jayant D. Mhaiskar said, “The capital raised shall be used for the growth of our business including investment, and supporting operational activities for existing or future projects of our group, to meet the long-term working capital requirements, capital expenditure and general corporate purposes (including any exigencies and financial needs) of our group."
The company handles one of the largest number of the hybrid annuity model (HAM) projects of National Highways Authority of India (NHAI). At present, it has a basket of 10 HAM projects in the states of Maharashtra and Gujarat aggregating to Rs7,941.69 crore. In this week itself, they won four HAM projects from NHAI in Maharashtra worth approximately Rs4,100 crore.