“Some formalities are yet to be completed. The money will come in July,” a source said. The company had raised Rs 1,620 crore in April by selling 420 million shares to institutional investors at Rs 38.50 each.
According to merchant bankers, more companies, especially in the infrastructure and real estate segments, are planning to come out with QIP issues in the near future. “QIP issues are faster, cheaper and more convenient to the issuers,” said a merchant banker.
Nagarjuna Construction on Monday said it will raise Rs 550 crore through qualified institutional placements (QIP) route. Several other companies are gearing up to launch QIP issues.
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