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MEP Infrastructure Developers Ltd, a player in the hybrid annuity mode, operate, maintain and transfer, and toll collection projects in India, announced that it has successfully raised Rs 161.79 crore via issue of equity shares through a qualified institutional placement.
The company had targeted raising a base deal amount of Rs 135 crore, with an option to upsize the deal. This option was exercised by the company as it received bids in excess of the base deal amount of Rs 135 crore. It closed the QIP at an issue price of Rs 77.50 per equity share, including a discount of 4.90 per cent to the floor price of Rs 81.49 per equity share calculated in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Earlier this week, MEPIDL also announced its successful win of three hybrid annuity road construction projects from the National Highways Authority of India in Maharashtra worth Rs 2,921.83 crore.
Jayant D Mhaiskar, CMD, MEP Infrastructure Developers said, “The positive response from the investors to our QIP has been extremely encouraging. The capital raised shall be used for the growth of our business, including investment, and supporting operational activities for existing or future projects of our group, to meet the long-term working capital requirements, capital expenditure and general corporate purposes (including any exigencies and financial needs) of our group.”
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