Ashoka Buildcon, one of the leading highway developers in India, has successfully closed a Qualified Institutions Placement (QIP) to raise Rs 500 crore. The company has issued 2.84 crore equity shares of Rs 5 at Rs 175.80 per share.
The overall allocation to foreign institutional investors is approximately 40% and domestic insurance companies and mutual funds accounting for the balance 60%, ensuring a well-diversified representation and demand from all significant global investors across the world.
IDK Securities, ICICI Securities, Axis Capital and Macquarie Capital Securities (India) were the Book Running Lead Managers to the QIP issue.
Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.
