Labourers work at a real estate construction site in Mumbai (Photographer: Dhiraj Singh/Bloomberg)

Oberoi Realty Raises Rs 1,200 Crore Via QIP

Oberoi Realty Ltd. has raised Rs 1,200 crore by sale of shares to institutional investors. The company had launched its qualified institutional placement on June 13 and the issue closed yesterday.

The Mumbai-based developer has issued 2.4 crore shares at Rs 500 apiece. The issue price is lower than the floor price of Rs 509. 29.

“Our company is issuing 2,40,00,000 equity shares of face value of Rs 10 each (the “Equity Shares”) at a price of Rs 500 per equity share (the “Issue Price”), including a premium of Rs 490 per equity share, aggregating to Rs 1,200 crore,” the company said in a document filed with the Securities and Exchange Board of India yesterday.

“...the issue price of Rs 500 per equity share (including a premium of Rs 490 per equity share), which is at a discount of 1.82 per cent (i.e. Rs 9.29 per equity share) to the floor price of Rs 509.29 per equity share...,” the company said in a regulatory filing.

Shares of Oberoi Realty ended 0.62 per cent lower yesterday at Rs 506.55 apiece on the BSE.

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