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Our Bureau

Hyderabad , Dec. 18

IVRCL Infrastructures & Projects Ltd on Monday announced that it has priced its offering of 15 million equity shares in a private placement, at Rs 370 per share, raising about Rs 555 crore, through the qualified institutional placement (QIP) route.

Citigroup and ABN Amro acted as the joint lead managers to this transaction. The issue was oversubscribed multiple times. IVRCL is the first infrastructure construction company to raise equity through the QIP route, which has recently been enabled by SEBI.

Commenting on the development, Mr E. Sudhir Reddy, Chairman and Managing Director, said: "We are extremely pleased with the successful outcome of our capital raising exercise. We believe this capital raising by IVRCL shows strong faith by institutional investors in our business strategy and growth story.

"These funds will enable us to strengthen our existing position ,'' he added.

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