Jaiprakash to raise Rs 1,550 cr via QIP

The company is selling shares in the indicative price band of Rs 70.27 to Rs 74 apiece

Jaiprakash Associates on Wednesday launched its qualified institutional placement (QIP) issue to raise up to $250 million (Rs 1,550 crore). The company will use the proceeds to retire its debt of Rs 61,100 crore. The stock closed 1.37 per cent lower on the previous close at Rs 75.5 on Wednesday. Bankers said the QIP price had been set at between Rs 70.4 and Rs 73.96 a share.