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Our Bureau

Mumbai , Dec. 4

Marico Ltd has raised Rs 150 crore through the qualified institutional placement route, offering 29 lakh equity shares at Rs 522 a share.

The issue, which opened on November 30 and closed on December 1, was subscribed about 3.4 times. The issue at Rs 522 per share was at a premium to the floor price of Rs 518.

"The QIP equity restores the balance in Marico's financial gearing. This will help us to raise debt at a short notice to fund fresh acquisition opportunities that could boost our growth efforts," said a press statement quoting Mr Milind Sarwate, Chief Financial Officer, Marico Ltd.

Citigroup Global and Kotak Investment Banking had co-ordinated the placement process.

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