Bharat Financial raises Rs750 crore through QIP1 min read . Updated: 27 Sep 2016, 10:57 PM IST
Bharat Financial sold approximately 9.74 million new shares at Rs770 per share
Mumbai: Bharat Financial Inclusion Ltd (formerly SKS Microfinance Ltd.) on Tuesday raised 750 crore through a qualified institutional placement (QIP).
It sold approximately 9.74 million new shares at 770 per share. The share sale was subscribed multiple times, it said, without giving details.
A QIP is a sale of securities to institutional investors by a listed company.
The promoter holding in the company will drop to about 1.9% after the share sale compared with 2.06% on 30 June, stock exchange data showed. Public shareholding will increase to about 98.1% from 97.93% at the end of the June quarter, data showed.
Kotak Mahindra Capital Co. Ltd, Motilal Oswal Financial Services Ltd and Credit Suisse Securities (India) Pvt. Ltd are the financial advisers to the issue.