MEP Infrastructure raises Rs 161.79 crore through QIP

Road toll management company MEP Infrastructure Developers today said it has raised Rs 161.79 crore through qualified institutional placement (QIP).

"MEP had targeted raising a base deal amount of Rs 135 crore with an option to upsize it. This option was exercised by the company as it received bids in excess of the base deal amount of Rs 135 crore," the firm said in a statement.

Earlier this week, the engineering, procurement, and construction (EPC) player had bagged three road projects in Maharashtra worth Rs 2,921.83 crore from the National Highways Authority of India (NHAI) under the hybrid annuity model.

"The response from the investors to our QIP has been extremely encouraging. The capital raised shall be used to expand our business," said Jayant Mhaiskar, chairman and managing director, MEP Infrastructure Developers.

He further said the proceeds will be used to support operational activities for existing or future projects, meet the long-term working capital needs and for capital expenditure and general corporate purposes, including any exigencies and financial needs of the firm.