Mumbai/IBNS: Film entertainment company PVR on Monday successfully completed its equity fund raising of Rs. 800 crores through the Qualified Institutional Placement.
The issue received a robust response from investors with the overall book being over-subscribed 6.3 times, witnessing strong participation from both marquee domestic and foreign institutional investors, PVR claimed.
This fund raise has followed a very successful Rights Issue of Rs. 300 crores which the company had completed in August 2020, which saw an over-subscription of 2.24times.
The fund raise was priced at Rs. 1,440 per share, which represented a discount of 2.59% on the closing price of the date of launch of the transaction i.e. Jan 27, 2021.
The company said it was able to build significant investor interest for its equity offering despite the negative impact of Covid-19 pandemic on the business and extremely volatile equity markets in the week leading up to the transaction announcement with broader markets correcting approx. 6%.