Realty player Poddar Developers raises Rs 125 crore through QIP

MUMBAI: Realty player Poddar Developers today said it has raised Rs 125 crore through qualified institutions placement ( QIP) route.

This marks the Mumbai-based firm's first fund raising event since its IPO in 1982.

The company informed the BSE about the closure of the QIP bid, which opened on January 19, and said an issue price of Rs 1,125.21 per share has been approved by the board.

Equirus Capital acted as the financial advisor for the developer.

The QIP witnessed strong demand from high quality funds spread across Asia-Pacific region and India, and saw excess demand of over 25 per cent over and above the issue size, Equirus said.

Under QIP, listed companies raise finance through the issue of securities to qualified institutional buyers (QIBs).