Inox Leisure on Friday raised Rs 250 crore from a Qualified Institutional Placement (QIP) of shares after the company sells over 98 lakh shares at Rs 255 a share, which carry a face value of Rs 10, was oversubscribed 3.5 times by marquee global and domestic institutional investors, the company said in a statement.
The QIP, which opened on November 9 and closed on November 12, got a subscription from investors like the Abu Dhabi Investment Authority, East spring Investments, ICICI Prudential, Birla Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, and Sundaram Mutual Fund, among others.
“The issue allocation is around 69 percent and 31 percent to domestic and foreign investors respectively,” the company said.
“The response to the QIP issue endorses the faith investors have in the future of our business model.”, said Sidharth Jain.
These funds will be used to sustain growth, and to meet with capital expenditure requirements of the company for the ongoing and future projects, for business expansion and to improve financial leveraging strength apart from meeting working capital requirements and debt repayment.
Inox Leisure operates 147 multiplexes with 626 screens across 68 cities. The company’s shares were trading nearly 1 percent down over its previous close at Rs 266.75 on the BSE.
