IVRCL Infrastructures raises Rs 5.55 billion in a private placement through QIP

IVRCL Infrastructures & Projects Ltd on December 18, 2006 has announced that it has priced its offering of 15 million new equity shares in a Private placement, at Rs 370 per share, raising about Rs 5.55 billion, through the Qualified Institutional Placement ("QIP") route recently enabled by the SEBI. Citigroup and ABN AMRO acted as the Joint lead managers to this transaction. The issue was oversubscribed multiple times.

The Company is the first infrastructure construction Company to raise equity through the QIP route.

Speaking on the occasion, Mr. Sudhir Reddy, Chairman and Managing Director of the Company said:

"We are extremely pleased with the successful outcome of our capital raising exercise. We believe this capital raising by IVRCL shows strong faith by Institutional investors in our business strategy and growth story. These funds will enable us to strengthen our existing position as a leading infrastructure construction Company in India and will enable us to grow our businesses."

Source : Equity Bulls

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