Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Multiplex chain, Inox Leisure Limited announced fundraising of Rs 250 crore through a Qualified Institutional Placement (QIP), which closed on November 12 and was oversubscribed by about 3.5 times.
Inox allotted 9,803,921 shares of the face value of Rs 10 each to eligible Qualified Institutional Buyers (QIBs) at Rs 255 per share.
On Friday, the company's shares traded at Rs 266.75, about 1 per cent lower from the previous close.
The QIP saw subscription from marquee global and Indian institutional investors, which included Abu Dhabi Investment Authority and Eastspring Investments, besides the Indian 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, Director – Inox Group, said, "We are delighted with the participation and support of high-quality investors, which will fuel the journey of Inox 2.0 in the future."
Inox intends to utilise the funds raised through the QIP to meet capital expenditure requirements for ongoing and future projects, to sustain growth in the business, for business expansion and to improve the leveraging financial strength of the company.
It will also be invested towards working capital requirements, towards debt repayments, for investments in subsidiary companies as well as for general corporate purposes, including but not limited to pursuing new business opportunities, acquisitions, alliances etc., an official statement said.
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. Khaitan & Co served 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 concerning selling restrictions.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
What filters should you apply when mining for under-the-radar small-cap stocks? Read on to find more
Only half the Sensex stocks have bettered the index’s return in the last 10,000-point journey
High valuation and stiff competition from larger players are a dampener
Investors with a short-term perspective can buy The New India Assurance Company (NIACL) stock at current ...
What makes the new crop of young Indian cricketers such game-changing winners? Over and above their talent, ...
For their dead, Parsis practise a 3,000-year-old system where corpses are excarnated in the Tower of Silence, ...
The morning she gave Peter and Neha, and their baby daughter Minty, a tour of Ambassador Apartments, Mrs ...
It’s the 111th birth anniversary of jazz musician and guitar genius Jean ‘Django’ Reinhardt. This week’s quiz ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor