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Chola to raise Rs 900 crore through QIP; Singapore govt among investors

A total of 2,81,25,000 equity shares of face value Rs 2 each has been approved for allotment.

T E Narasimhan  |  Chennai 

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and Finance Company will raise around Rs 900 crore through Qualified Institutional Placement (QIP).

Government of Singapore (24.39 per cent of the issue size), Monetary Authority of Singapore (5.61 per cent), Janchor Partners Opportunities Master Funds (10 per cent), ICICI Prudential Mutual Fund (15.56 per cent), and Aditya Birla Sun Life Mutual Fund (15.56 per cent) picked up majority of the shares issued.

The issue size has been restricted to Rs 900 crore, considering the promoters are infusing Rs 300 crore.

The company said in a filing on Saturday that the issue price has been fixed at Rs 320 per equity share, including premium of Rs 318 per equity share, which is at a discount of 0.80 per cent to the floor price on Rs 322.59 per share.

A total of 2,81,25,000 equity shares of face value Rs 2 each has been approved for allotment to eligible qualified institutional buyers.

Considering the preferential issue of equity shares to promoter entity upto Rs 300 crore approved by the Board of Directors on January 23, 2020 subject to approval of shareholders, the Committee restricted the issue size to Rs 900 crore.

First Published: Sat, February 01 2020. 11:52 IST
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