CESC Ltd’s qualified institutional placement oversubscribed

KOLKATA: Power utility CESC Ltd closed its qualified institutional placement (QIP) issue on October 31, 2014. The RP-Sanjiv Goenka group flagship received bids worth $ 95 - 97 million against the issue size of $ 80 million (approximately Rs 491 crore) for the QIP or sale of shares to institutional investor.

Foreign institutional investors from UK, US and Asia as well as Indian mutual fund houses have subscribed to the issue, top company officials said. The company’s board has approved the placement of 76,21,118 (approximately 3.5 % of total capital) equity shares of Rs 10 each at Rs 644 a piece to eligible institutional buyers.

CESC shares rose 0.99% and finally closed at Rs 685, while the BSE Sensex dipped 0.02% to 27,860.38 points.