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Home Featured

INOX Leisure Announces Successful Completion of QIP of Rs 250 Cr

by Editorial
November 13, 2020
in Featured, Marketing
2 min read
INOX Leisure Announces Successful Completion of QIP of Rs 250 Cr
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Mumbai: INOX Leisure Limited (INOX) today announced the successful completion of fundraising of Rs. 250 Cr through a Qualified Institutional Placement (QIP). The QIP opened for subscription on 9th November and closed on 12th November, and was over-subscribed by ~3.5 times. INOX allotted 9,803,921 shares of the face value of Rs 10.00 each to eligible Qualified Institutional Buyers (QIBs) at Rs 255 per share,

The QIP saw subscription from highly reputed and marquee global and Indian institutional investors. Some of the global investors included Abu Dhabi Investment Authority and Eastspring Investments, while the Indian investors included some of the largest domestic mutual fund houses like ICICI Prudential, Birla Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, and Sundaram Mutual Fund. The Issue allocation is approximately 69% and 31% to Indian and foreign investors respectively.

Siddharth Jain

Speaking about the response to the QIP, Siddharth Jain, Director – INOX Group said, “The stupendous response to our QIP endorses the faith our investors have in the future of our business model and the strength of the management team. We are delighted with the participation and support of high-quality investors, which will fuel the journey of INOX 2.0 in the future. I extend my deepest gratitude towards our investors for the trust they have bestowed upon us.”

The funds raised through the QIP would be utilized by INOX to meet capital expenditure requirements for ongoing and future projects, to sustain growth in the business, for business expansion, and to improve the financial leveraging strength of the Company. The funds raised will also be invested towards working capital requirements, towards debt repayments including repayment of any existing or future debt incurred for any purpose including for paying off any liability, for investments in subsidiary companies as well as for general corporate purposes, including but not limited to pursuing new business opportunities, acquisitions, alliances, etc, Overall, INOX aims to augment its business growth with the freshly accrued funds.

ICICI Securities Limited and IIFL Securities Limited acted as Book Running Lead Managers to the Issue (collectively, the “Lead Managers”). Khaitan& Co acted as the sole Indian legal counsel to the Issue and Squire Patton Boggs Singapore LLP acted as the International Legal Counsel to the Lead Managers with respect to selling restrictions.

Tags: INOX GroupQualified Institutional BuyersSiddharth Jain INOX Group

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