CESC lights up $80m QIP, exercises full greenshoe

India power plant_230px
By Rashmi Kumar
30 Oct 2014

Indian power utility company CESC raised Rp4.91bn ($80m) from a qualified institutional placement on Tuesday night, with demand strong enough for the group to exercise its entire greenshoe option. But the deal was still lower than the $150m approval that the company obtained in September.

When CESC, which generates and distributes power, opened up its QIP on October 28 it started at a base size of Rp3.1bn, with an increase option to Rp4.91bn. This was despite shareholder approval to raise $150m, and a banker on the trade explained that companies typically obtain approval ...

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