(Corrects Refinitiv Instrument Code to ADTB.NS from ADBT.NS)
Bengaluru: India’s Aditya Birla Capital has proposed to issue equity shares worth up to 17.5 billion rupees ($213.5 million) through a qualified institutional placement (QIP), according to a term sheet seen by Reuters on Tuesday.
The issue price for the placement is between 170 rupees and 176 rupees, a 6.2% to 2.9% discount to Monday’s closing level of 181.25 rupees.
Shares of the company rose nearly 3% to their highest level in more than five years.
The financial services firm will use the proceeds to invest in its units, joint ventures, and associates, among other corporate purposes, the term sheet said.
The bookrunning managers for the issue are BofA Securities India, Jefferies India, Axis Capital, and ICICI Securities.
The Aditya Birla Group-owned company approved the raising of funds twice in the last two months for sums of up to 30 billion rupees and 12.5 billion rupees.
($1 = 81.9670 Indian rupees)
(Reporting by Varun Vyas in Bengaluru; Editing by Sonia Cheema)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
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