Jaiprakash, GMR place shares amid Modi euphoria

Moves by the Indian infrastructure companies illustrate the country's improved post-election mood.
Jaiprakash Associates built India's only Formula One racing track.
Jaiprakash Associates built India's only Formula One racing track.

Indian infrastructure building company Jaiprakash Associates completed an accelerated qualified institutional placement QIP of shares Thursday, drawing solid demand as investors continued to flock to India amid a post-election euphoria.

Jaiprakash Gaur’s company raised Rs15 billion $250 million in the QIP after pricing shares at the bottom of its Rs70.72 to Rs74 price range, under the leads of CLSA and Standard Chartered. The final price achieved represents a 5% discount to the shares' July 2 close of Rs75.50, according to a term sheet seen by FinanceAsia.

Proceeds will be used to pay back debt accrued by Jaiprakash Associates, which as of last September stood at...

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