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Our Bureau

Mumbai , Oct. 5

Mahindra Gesco Developers Ltd (MGDL), a real estate and infrastructure developer, has completed a $105-million qualified institutional placement (QIP) meant for institutional bidders. The QIP was open from September 29 to October 4. Shares were priced at Rs 800 each — a one per cent premium over the two-week average of the market price prior to the opening of the issue.

The company plans to develop special economic zones at Jaipur, Karla in Maharashtra and Thane near Mumbai.

Kotak Investment Banking was the global co-ordinator and sole book runner.

"MGDL's QIP issuance is the largest issue from India under the new SEBI regulations. The issue has established QIPs as a preferred route for large size equity financing of listed companies," said Ms Falguni Nayar, Managing Director, Kotak Investment Banking.

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