indian-issuers-grab-small-window-to-push-out-qips

Indian issuers grab small window to push out QIPs

Yes Bank raises $225 million and truck financing company Shriram Transport issues $125 million worth of new shares just before equity markets take another dip.

Equity markets have been decidedly soft this week, but two Indian financial companies managed to squeeze in a qualified institutional placement QIP before the market opened yesterday, raising a combined $350 million.

Yes Bank, a private sector lender, raised $225 million from an upsized fixed price offering that came at a 1.35% discount versus Wednesday's close. And Shriram Transport Finance Company, which provides financing for the acquisition of second-hand commercial vehicles, tapped the market for $125 million at a 2.9% discount. Both companies were raising money to strengthen their tier-1 capital ratios.

These were the first QIPs of size in 2010 and given the collapse in US equities overnight they appear to have grabbed...

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