TheNFAPost Podcast

Multiplex Cinema Chain INOX Leisure Limited has announced a successful completion of fundraising of approximately Rs 300 Crore through a Qualified Institutions Placement (QIP).

The QIP opened for subscription on June 8 and closed on June 11, and was over-subscribed by more than 5 times.

INOX allotted 96,77,419 equity shares with a face value of Rs 10.00 each, to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 310 per share (including premium).

The QIP saw subscriptions from marquee Indian and global institutional investors. Indian investors included prominent investors like HDFC MF, Aditya Birla Sunlife MF, Nippon Life India MF and ICICI Prudential MF and Premji Invest. Some of the global investors included Eastspring Investments, Morgan Stanley and Millenium Management.

INOX Group Director Siddharth Jain said, “We are extremely grateful to the faith that our investors have shown in our business fundamentals, capabilities of our management team, and our quest to curate the best cinema-going experiences in the industry.”

“The incredible response to the QIP has instilled tremendous belief and assurance in us for all our future endeavours. As we tread towards a safer world, thanks to massive vaccination efforts all across the country, we feel empowered and committed to turn around towards our usual business performance and continue to deliver value to our stakeholders. We believe that our innovativeness, coupled with our warm and thoughtful service experience, will prove decisive in the journey ahead,” he added.

The funds raised through the QIP would be utilised by INOX towards working capital requirements, towards debt repayments including repayment of any existing or future debt incurred for any purpose including for paying off any liability; to meet the current operational expenses; to meet capital expenditure requirements for ongoing and future projects; and for general corporate purposes including but not limited to pursuing new business opportunities, acquisitions, alliances etc.

Edelweiss Financial Services Limited and Axis Capital Limited acted as Book Running Lead Managers to the Issue. Khaitan & Co acted as the sole legal counsel to the Issue and Squire Patton Boggs Singapore LLP advised the Lead Managers on selling and transfer restrictions.

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