Dewan Housing Finance Hits Overseas Market With QIP Issue Worth $130 Million

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Dewan Housing Finance (DHFL), the mortgage major, has hit the international markets to raise up to US $130 million through a qualified institutional placement (QIP) of shares, sources in merchant bankers said on Tuesday.

In a late evening note to the bourses on Tuesday, DFHL said it launched the QIP issue with a floor price of Rs 494.95 a share and will not offer a discount of more than 5 per cent on it, as per the relevant regulations.

DHF Hits Overseas Market With QIP Issue

The company said its finance committee on Tuesday passed a resolution to go ahead with the QIP following a decision by the board on January 16 and shareholders' nod through a postal ballot yesterday.

Barclays, Kotak Mahindra and Motilal Oswal Securities are acting as the advisors to the issue. A company spokesperson declined to comment on the issue.

Dewan Housing will be selling close to 13 million shares to overseas investors, i-banking sources said.

The DHFL scrip, after closing 1.4 per cent higher, at Rs 502.01 on the Bombay Stock Exchange on Tuesday, was trading 1.66 per cent lower, at Rs 493.75 a piece in afternoon session on Wednesday.

PTI

Read more about: dewan housing finance, qip
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