MUMBAI: Multiplex chain Inox Leisure has raised Rs 250 crore through a qualified institutional placement (QIP) of shares. Under the QIP issue, over-subscribed by 3.5 times, Inox allotted 9,803,921 shares of face value of Rs 10 each at Rs 255 per share to highly reputed and marquee global and Indian institutional investors. 

Some of the global investors included Abu Dhabi Investment Authority and Eastspring Investments, while the Indian investors included some of the largest domestic mutual fund houses like ICICI Prudential, Birla Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund and Sundaram Mutual Fund. The issue allocation is approximately 69 per cent and 31 per cent to Indian and foreign investors respectively. 

Inox Group director Siddharth Jain said, “The stupendous response to our QIP endorses the faith our investors have in the future of our business model and the strength of the management team. We are delighted with the participation and support of high quality investors, which will fuel the journey of Inox 2.0 in the future. I extend my deepest gratitude towards our investors for the trust they have bestowed upon us.”

The funds raised through the QIP would be utilised by Inox to meet capital expenditure requirements for ongoing and future projects, to sustain growth in the business, for expansion and to improve the financial leveraging strength of the company. 

The funds raised will also be invested towards working capital requirements, towards debt repayments including repayment of any existing or future debt incurred for any purpose including for paying off any liability, for investments in subsidiary companies as well as for general corporate purposes, including but not limited to pursuing new business opportunities, acquisitions, alliances etc. Overall, Inox aims to augment its business growth with the freshly accrued funds.