Edelweiss Financial Services raises Rs 1,528 cr via QIP

Edelweiss Financial Services (EFSL) on Friday said it has raised Rs 1,528 crore through the qualified institution placement (QIP) route.

The QIP was subscribed by foreign as well as domestic investors like CDPQ, Fidelity, Goldman Sachs, Nomura, HDFC Mutual Fund, Kotak and Birla MFs.

"Investors in Edelweiss gain exposure to a diversified breadth of businesses serving both retail and corporate customers that range from retail and corporate credit, wealth management, asset management, capital markets to insurance," EFSL CMD, Rashesh Shah, said in a statement here on Friday.

The funds raised through the QIP would be used by the company to augment its long term resources, to fund growth and expansion, maintain capital adequacy, consolidation of its subsidiaries and general corporate purposes, it added.

EFSL allotted 54,562,488 equity shares of face value of Re 1 each (equity shares) to eligible qualified institutional buyers (QIBs) at Rs 280 per share, a discount of 1.80% or Rs 5.14, to the QIP floor price of Rs 285.14 per equity share.

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

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