Indian conglomerate Punj Lloyd raised Rs6.7 billion $140 million from a qualified institutional placement yesterday. The deal was launched early yesterday morning and completed before the Indian markets opened, one week after the company posted favourable quarterly earnings.
The company initially tapped the market for $75 million, but there was sufficient demand to inflate the deal to $140 million. In the end, 27.9 million shares were sold, which is 7.6% of the company's share capital as enlarged by the deal.
The shares were offered at a fixed price of Rs240.2 a share, which translates into a 5.4% discount to the price at the close on Monday of Rs253.8. This is tighter than the discount...
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