India's Educomp raises $125 million from QIP

The education company grabs the last chance to sell new shares as the Indian market falls, but while the deal is well received, the share price drops 8.1% below the placement price in yesterday's trading.

India's Educomp Solutions completed a qualified institutional placement QIP before the market opened yesterday, raising Rs6.07 billion $125 million that it will use for the continued expansion of its business.

The fixed-price deal, which was launched late on Tuesday evening, followed a wave of QIPs last week. Since then, however, the Indian market has reversed direction amid disappointment over the government's budget for the current fiscal year to March 2010, which was revealed on Monday, and bankers say the...

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