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 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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