Marico raises Rs 150 cr through QIP

New Delhi, Dec 4 (UNI) Indian FMCG major Marico Ltd has raised Rs 150 crore through the Qualified Institutional Placement (QIP) route by offering 29 lakh fresh equity shares priced at Rs 522 per share.

The issue which opened on November 30 and closed on December 1, was oversubscribed 3.4 times, the company said.

''We are pleased at the response from a wide range of investors.

This reflects confidence in Marico's strategies towards sustainable profitable growth in Beauty and Wellness,'' Marico Ltd Chairman and Managing Director Harsh Mariwala said.

This QIP has raised Marico's equity share capital to Rs 60.9 crore, an increase of 5 per cent. While some of the subscribers to the issue are existing investors, the issue has also brought aboard a fresh cross section of FIIs and Mutual Funds.

Marico is the first FMCG Company to raise equity through the QIProute.

Citigroup Global Markets and Kotak Investment Banking acted as the Joint Global Coordinators and Joint Book Runners for this QIP.

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