Jaiprakash Power raises $175 million from QIP

The Indian power company makes use of a new rule allowing it to price the deal at a 5% discount to the floor price, and increases the deal size due to strong demand.

Jaiprakash Power raises $175 million from QIP
Jaiprakash Power operates three hydropower plants and has several other hydro and thermal power plants under development (AFP)

Jaiprakash Power Ventures, an Indian power producer, has raised Rs9.5 billion $175 million from a qualified institutional placement QIP, after pricing the deal at a 5% discount to the floor price. The discount to the latest close was as wide as 8%.

The deal, which was launched on Tuesday evening and completed before the opening of Indian trading yesterday, attracted strong demand from regional and international long-only investors, as well as domestic mutual funds,...

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