Info Edge board approves raising up to Rs1,875 crore through QIP1 min read . Updated: 23 Jun 2020, 09:24 AM IST
- Only Kotak Mahindra Bank and JM Financial have managed to raise funds through the QIP route since covid-19 and the ensuing lockdown brought all economic activities to a grinding halt in March
MUMBAI: Info Edge (India) Ltd, the parent of recruitment portal Naukri.com, late on Monday approved a plan to raise funds via a so-called qualified institutional placement offering (QIP).
In a stock exchange filing, the company said its board has approved raising up to ₹1,875 crore through a QIP.
QIP is a tool used by listed companies to sell shares or other securities, which are convertible into stocks, to qualified institutional buyers such as mutual funds and insurance companies.
Only two companies have managed to raise funds through the QIP route since covid-19 and the ensuing lockdown brought all economic activities to a grinding halt in the country in March.
In May, Kotak Mahindra Bank Ltd raised ₹7,442 crore by selling shares to institutional investors including Invesco Oppenheimer Developing Markets Fund, Canada Pension Plan Investment Board (CPPIB) and ICICI Prudential Asset Management CoLtd.
JM Financial Ltd raised ₹770 crore through a QIP, earlier in June.