More than half a dozen Indian companies announced plans to sell shares to institutional investors through the QIP route, with only GMR Infra failing to successfully close the issue and had to eventually withdraw the offer. Bajaj Hindusthan Ltd. announced that its Board decided to close the issue and also approved the issuance of 35,450,000 shares of Re1 each at Rs204 a piece, aggregating to an issue size of around Rs7.23bn equivalent to around US$150mn. The issue was priced marginally higher than the SEBI-determined floor price of Rs203 a share. The development came a day after the Bangalore-based GMR Infrastructure called off its QIP of US$500mn, citing adverse market conditions.
Hindalco Industries announced that its Board had approved a QIP issue to eligible investors up to amount not exceeding US$500mn equivalent to Rs24bn. GVK Power & Infrastructure Ltd. raised US$150mn from selling shares to institutional investors. The shares were sold at Rs41.35 apiece. Emami mopped up Rs3.1bn through its QIP. The company issued around 10,000,000 shares of Rs2 each at Rs310 per share to qualified institutional buyers. Hindustan Construction Co. (HCC) said that it will raise over Rs4.8bn through private placement of shares to institutional investors at Rs102.15 a piece.
Housing Development & Infrastructure Ltd (HDIL) raised Rs16.88bn from a clutch of global investors such as
A representative claiming to be from KKR has left a comment
I am writing to you on behalf of Kohlberg, Kravis & Roberts (KKR) regarding your post titled 'Rush hour on QIP street...GMR falters, others survive.' The story reports that a number of investors including KKR have acquired stakes in HDIL through their recent QIP issue.
This is factually incorrect -- KKR was not involved in this transaction and holds no investment in HDIL.
We’d greatly appreciate if you could remove any reference to KKR from the post immediately.
Many thanks for your kind attention.
Regards,
Rohan Cornelio