| Prestige Estates Projects has closed the issue of its qualified institutional placement (QIP) mopping up close to Rs 615 crore. The Bangalore-based developer tendered in 25 million shares-- belonging to the promoter family — to a clutch of fund houses based in the US, UK, and Asia, said sources briefed on the matter.
A couple of sovereign wealth funds from South East Asia and West Asia also picked up shares in the QIP, which was oversubscribed in excess of 1.5 times of the original issue. The QIP had a base issue target of $75 million with a clause for Prestige to upsize to $100 million if there was an over subscription...............................................Full Article: Source
|