Godrej Consumer Products upsizes QIP to $115 million

The Indian producer of personal and homecare products sells shares at a premium to the latest market price after keeping the offer open for nearly 24 hours.

Godrej Consumer Products became the second Indian company this week to raise fresh capital from a qualified institutional placement QIP, showing that investors are still keen to support issuers that are gearing up for further growth.

The Indian producer of personal and homecare products completed the share sale on Tuesday evening after keeping the deal open for nearly 24 hours, meaning investors committed before the tumble in US equity markets on Tuesday and Wednesday. However, Asian markets were already weak on Tuesday -- the Indian benchmark index fell 1.4% -- and by the time the order books closed, Godrej's share price had in fact slipped below the offering price, meaning the deal was done...

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