The QIP rush continues

Glenmark Pharmaceuticals Ltd. raised about Rs4bn from a QIP issue of shares to institutional investors at Rs221 each. Glenmark was seeking to raise US$75mn with an option to raise additional funds. A company spokesman was quoted as saying that the QIP proceeds would primarily be used to reduce debt. The issue opened on Thursday and closed early Friday morning. Enam and Citigroup were the bankers to the deal.

Bangalore-based maker of medical diagnostic equipment, Opto Circuits India Ltd. raised Rs4bn from qualified institutional buyers (QIBs). The company's QIP issue which opened on September 8 closed late evening on the same day following a huge response from QIBs. The company's QIP committee had fixed Rs186.63 as the floor price per equity share of Rs10 each.

NG Vysya Bank Ltd. successfully completed a QIP of Rs2.3bn. The bank said in a statement that 9,270,455 equity shares of Rs10 each were placed at a price of Rs248.1 per share with QIBs. A preferential allotment of 7,493,478 equity shares will be made to the ING Group, at the same price, which will enable the Dutch parent to maintain their stake at 43.93% in the Indian arm. The total capital raised, from the QIP and Preferential Placement (PP) is around Rs4.15bn. The QIP issue was opened on 7th September and received good demand well above the targeted capital, with a mix of domestic and foreign institutions participating in the process, ING Vysya Bank said. The capital raised will augment the Tier 1 capital of the bank, ING Vysya Bank said. The Capital Adequacy Ratio (CAR) of the bank, which stood at 12.5% as at 30th June will increase to 14.6%, with Tier 1 CAR at 9.6%, it added. The book value post the issue will stand at Rs173.