Marico raises Rs 1.5 bn to fund acquisition plans
FMCG major, Marico Ltd, has raised Rs 1.5-billion through a private placement of 29 lakh fresh equity shares at Rs 522 per share.
By PTI |
MUMBAI: FMCG major, Marico Ltd, has raised Rs 1.5-billion through a private placement of 29 lakh fresh equity shares at Rs 522 per share.
The placement has been done through QIP route to fund fresh acquisition opportunities, Milind Sarwate, CFO of the company, said in a statement today.
"The QIP equity will create further elbow-room for us to raise debt at a short notice to fund fresh acquisition opportunities that could boost our growth efforts," he said.
Marico is the first FMCG company to raise equity through the QIP route recently enabled by SEBI.
The issue, which opened on November 30 and closed on December 1, saw a significant over subscription of about 3.4 times-against the issue size of Rs 1.5 billion.
Citigroup Global Markets and Kotak Investment Banking acted as the joint global coordinators and joint book runners for this QIP, it said.
The placement has been done through QIP route to fund fresh acquisition opportunities, Milind Sarwate, CFO of the company, said in a statement today.
"The QIP equity will create further elbow-room for us to raise debt at a short notice to fund fresh acquisition opportunities that could boost our growth efforts," he said.
Marico is the first FMCG company to raise equity through the QIP route recently enabled by SEBI.
The issue, which opened on November 30 and closed on December 1, saw a significant over subscription of about 3.4 times-against the issue size of Rs 1.5 billion.
Citigroup Global Markets and Kotak Investment Banking acted as the joint global coordinators and joint book runners for this QIP, it said.
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