Multiplex major Inox Leisure has successfully completed fundraising of approximately Rs 300 crore through Qualified Institutions Placement (QIP).
The QIP, which opened for subscription on June 8 and closed on June 11, was over-subscribed by more than 5 times.
"Inox allotted 96,77,419 equity shares with a face value of Rs 10 each, to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 310 per share (including premium)."
"The QIP saw subscriptions from marquee Indian and global institutional investors. Indian investors included prominent investors like HDFC MF, Aditya Birla Sunlife MF, Nippon Life India MF, ICICI Prudential MF, and Premji Invest."
As per the company, funds raised through the QIP would be utilized by Inox towards working capital requirements, debt repayments, and to meet the current operational expenses, amongst others.
At present, the company has 153 multiplexes and 648 screens in 69 cities.