unitech-more-than-doubles-its-latest-qip

Unitech more than doubles its latest QIP

The Indian real estate developer raises $575 million in Asia's largest follow-on this year as it fights to reduce its debt.

Indian real estate developer Unitech returned to the capital markets on Friday with its second qualified institutional placement QIP in just over two months as part of its ongoing effort to improve its financial position. The company has seen a continued improvement in its share price since it was last in the market in mid-April, and investors are clearly impressed, since they virtually piled into this latest issue, which was offered at a fixed price.

Unitech initially tried to raise Rs27.9 billion $275 million, but the strong demand and the high quality of the book led the bookrunners to conclude that a much larger deal was possible. And so the total fundraising was increase...

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