India Inc’s fund mobilisation drive is speeding up. As many as four infrastructure and real estate companies have either launched or are in the process of floating mega share sales to qualified institutional investors — through the QIP route — to raise over $1.67 billion (around Rs 8,000 crore).

With the Union Budget only a week away, GMR Infrastructure has launched a share sale worth $500 million at a price band of Rs 143-145. Enam, ICICI Securities, IDFC-SSKI, JP Morgan, Kotak Mahindra Capital, Morgan Stanley and UBS are arrangers to the offer.

Housing Development & Infrastructure Ltd plans to raise about $300 million by selling shares in the range of Rs 240-250 each. The share sale to qualified institutional investors at 5.6 per cent discount at the top end to Monday’s closing price, has just been launched.

“The offer is to raise a minimum of $300 million, but can go up depending on the response,” one source said. The firm has received shareholder approval to sell shares worth up to $600 million. Kotak Mahindra Capital Co, JP Morgan and Macquarie are the arrangers for the offer.

Hindustan Construction on Monday said it will allot shares to institutional investors at Rs 102.15 a piece for raising up to Rs 1,500 crore. In a filing to the Bombay Stock Exchange the company said the floor price of the issue of shares to qualified institutional buyers (QIBs) has been fixed at Rs 102.15 a piece and the issue opened today. Real estate developer Unitech Ltd has got a commitment to raise about $575 million by selling shares to about 40 institutional investors. Unitech will be selling more than 340 million shares at Rs 81 each.

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