EFSL raises Rs 1,527 crore through QIP

November 24
09:22 2017

Edelweiss Financial Services (EFSL) said it has raised Rs 1,527.75 crore through the Qualified Institutions Placement (QIP) route.

The QIP opened on November 15, 2017 and closed on November 20, 2017.

“This is the first equity fund raise by EFSL since its IPO in December, 2007. EFSL allotted 54,562,488 equity shares of face value of Rs 1 each (Equity Shares) to eligible qualified institutional buyers (QIBs) at Rs 280.00 per equity share, at a discount of 1.80 per cent to the QIP floor price of Rs 285.14 per equity share,” the company said in a statement.

Commenting on the development EFSL CMD and CEO said: “We are delighted with the way that our fund raise has been received by marquee investors like CDPQ, Fidelity, Goldman Sachs, Nomura, HDFC Mutual Fund, Kotak and Birla MFs. We see this as an endorsement of our business model that uses both capital and talent vectors in growing surely and steadily”.

The QIP witnessed subscription from foreign as well as domestic QIBs. In particular, Caisse de Depot et Placement du Quebec (CDPQ), the second-largest pension fund in Canada, has used the opportunity to get a stake in EFSL.

Other marquee investors in the QIP included HDFC Mutual Fund, Kotak Mutual Fund and Birla Mutual Fund as well as existing shareholders like Goldman Sachs, Nomura, Fidelity, Steadview, GSAM, Halbis, GMO, DE Shaw, Amansa William Blair etc.

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