<p>City based non-banking finance company (NBFC) Cholamandalam Investment and Finance Company Ltd (Chola Investment), part of the $4.4 billion Murugappa group, has raised Rs.3 billion through qualified institutional placement (QIP) route, said a senior group official.<br /><br /></p>.<p>Speaking to IANS, the group's director (finance) N.Srinivasan said: "We have raised Rs.3 billion successfully. The funds will be deployed for business operations and to meet the capital adequacy norms."<br /><br />He said this is the first time the Murugappa group has raised funds through the QIP route.<br /><br />The QIP was strategised and executed by Axis Capital.<br /><br />Axis Capital in a statement issued Friday said: "The transaction was a tremendous success with exceptional interest evinced by quality long only global funds, private equity (PE) funds, domestic mutual funds and insurance companies. <br /><br />"There was an overall demand of over 2.3 times the offer. The entire book was placed only with high quality foreign institutional investors, PE investors and domestic institutions."<br />Axis Capital garnered over 67 percent of the total allocation in a three banker deal, the statement added.<br /><br />According to Srinivasan, the issue price of equity share with a face value of Rs.10 was Rs.285.<br /></p>
<p>City based non-banking finance company (NBFC) Cholamandalam Investment and Finance Company Ltd (Chola Investment), part of the $4.4 billion Murugappa group, has raised Rs.3 billion through qualified institutional placement (QIP) route, said a senior group official.<br /><br /></p>.<p>Speaking to IANS, the group's director (finance) N.Srinivasan said: "We have raised Rs.3 billion successfully. The funds will be deployed for business operations and to meet the capital adequacy norms."<br /><br />He said this is the first time the Murugappa group has raised funds through the QIP route.<br /><br />The QIP was strategised and executed by Axis Capital.<br /><br />Axis Capital in a statement issued Friday said: "The transaction was a tremendous success with exceptional interest evinced by quality long only global funds, private equity (PE) funds, domestic mutual funds and insurance companies. <br /><br />"There was an overall demand of over 2.3 times the offer. The entire book was placed only with high quality foreign institutional investors, PE investors and domestic institutions."<br />Axis Capital garnered over 67 percent of the total allocation in a three banker deal, the statement added.<br /><br />According to Srinivasan, the issue price of equity share with a face value of Rs.10 was Rs.285.<br /></p>