IVRCL raises Rs 555 crore through QIP

New Delhi, Dec 18: IVRCL Infrastructures and Projects Ltd today said it has raised Rs 555 crore through the Qualified Institutional Placement (QIP).

The company offered 15 million new equity shares at Rs 370 per share in the private route, recently enabled by market regulator SEBI.

''These funds will enable us to strengthen our existing position as a leading infrastructure construction company in India and grow our businesses,'' said the company's Chairman and Managing Director Sudhir Reddy.

Citigroup and ABN AMRO acted as the joint lead managers to this transaction and the issue was oversubscribed multiple times.

The company is the first infrastructure construction company to raise equity through the QIP route.

UNI