According to reports, merchant bankers are pushing through QIP issues aggregating nearly Rs150bn.

Looks like its rush hour on QIP Street as over half a dozen of Indian companies plan to sell shares to institutional investors, taking advantage of over a 50% rise in the key index this quarter. According to reports, merchant bankers are pushing through QIP issues aggregating nearly Rs150bn which could be completed before the Budget on Monday.

Emami Ltd plans to raise upto Rs3.4bn in the share sale and it is said to sell shares at Rs310-Rs340 per share. While, Bajaj Hindusthan has set its minimum price at Rs203.8 raising US$150mn.
 
HCC also will sell shares to institutional investors worth US$100mn at Rs102.15 per share. Real estate companies including HDIL would raise US$350mn selling shares at Rs238.8 per share. Sobha Developers also filed share sale documents on Monday. The company would raise US$100mn by selling shares at Rs209.4 per piece.
 
Hindalco Industries also announced that the Board of Directors approved QIP to eligible investors up to amount not exceeding US$500mn equivalent to Rs24bn.
 
However, GMR Infrastructure announced that it scrapped a US$500mn share sale due to lack of interest from investors. The company earlier cut the amount it was seeking to raise to US$100mn. GMR had joined Lanco Infratech and Emami in trying to raise funds from selling shares.