lanco-infratech-raises-150-million-with-qip

Lanco Infratech raises $150 million with QIP

The upsized deal marks the end of another busy month in the Indian equity markets.

Indian construction and energy conglomerate Lanco Infratech raised Rs7.2 billion $150 million via a qualified institutional placement QIP early on Friday morning. The deal topped off another busy month for the Indian equity markets, which have witnessed sustained demand from investors for new paper.

The deal started on Thursday night looking for $100 million, but there was sufficient demand to upsize by another $50 million. The 18.4 million shares were offered at a fixed price of Rs394.90 a share, a 6.4% discount to the closing price on Thursday of Rs422.10. After a full day of trading on Friday, the stock was down by just 2.8% to Rs421.30.

Lanco's shares have more than doubled since the...

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