Mahindra Gesco files for QIP

Real-estate developer Mahindra Gesco has filed draft offer documents for a Qualified Institutional Placement (QIP) issue to raise resources.

The company intends to use the funds thus raised to finance its special economic zone (SEZ) development projects, real-estate projects and other infrastructure projects including waste and water management.

Mahindra Gesco is the fourth company to tap the QIP route, after Spentex Industries, Kalpatharu Power Transmissions and Ashapura Minechem.  Kotak Mahindra Capital is the lead manager for Mahindra Gesco's QIP offer.