Indian gold loan company raises $225 million from QIP

Manappuram is expected to be the first in a new wave of QIPs as companies take advantage of a rising stockmarket to boost their coffers.

Indian lender Manappuram General Finance Leasing has raised Rs10 billion $225 million from a qualified institutional placement to improve its tier-1 capital. The deal, which was launched late Tuesday and completed before the Indian market opened yesterday, came after the benchmark Sensex index closed above 21,000 points for the first time last Friday. Manappuram is expected to be the first in a new wave of QIPs as companies are seeing their market prices rise above the regulatory floor prices. This will allow issuers to sell new shares at more attractive discounts.

Manappuram offered its shares at a discount between 0.4% and 3.4% versus Tuesday’s close of Rs168.65 on the Bombay Stock Exchange, and at...

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