Minda Corp. says it had issued shares to institutional investors at Rs173.47 per equity share through its QIP
Mumbai: Auto component maker Minda Corp. Ltd, pharmaceutical company Neuland Laboratories Ltd and engineering firm Simplex Infrastructure Ltd have collectively raised Rs837.79 crore through qualified institutional placement (QIP) offerings, the filings with stock exchanges show.
On Thursday, Minda Corp. said that it had issued shares to institutional investors at Rs173.47 per equity share through its QIP.
“We are delighted by the response from institutional investors of global repute, which clearly demonstrates investors’ confidence in our business and future prospects. This helps us prepare for aggressively pursuing future growth and also expanding our shareholder base," said Ashok Minda, chairman and chief executive officer of the group.
Investment bank Axis Capital and law firm J Sagar Associates advised the company on the fund raise.
Last week, Neuland Laboratories had allotted 1.67 million shares through its QIP at Rs750 per share to raising Rs. 125.6 crore, while infrastructure developer Simplex sold its shares to institutional investors at Rs569 apiece to raise Rs402.19 crore.
QIP is a capital-raising tool through which listed companies can sell equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer.
According to data from primary market tracker Prime Database group, in 2018, 17 companies have so far raised Rs11,049.8 crore through QIPs.
In 2017, 43 companies had raised Rs56,152 crore -- far higher than the previous high of Rs34,675 crore recorded in 2009.