Days after the state government of Maharashtra announced a phased re-opening of cinema halls and multiplexes, Inox Leisure has launched a qualified institutional placement or QIP to raise up to Rs 300 crore, persons with knowledge of the matter told Moneycontrol.
“The indicative price for the QIP has been set at Rs 310/share with a SEBI floor price of Rs 315.25/share,” according to one of the individuals cited above.
“According to the deal terms, there is an implied discount of 7.1 percent to the last closing price as on June 8, 2021 ( Rs 333.70)," a second individual told Moneycontrol.
“ The fund raise is aimed at capex, working capital and for debt repayment. Edelweiss Financial Services and Axis Capital are the investment banks working on the QIP,” elaborated a third person.
Moneycontrol could not elicit an immediate comment from Inox Leisure, Edelweiss Financial Services and Axis Capital. This article will be updated as soon as we hear from the firms.
In an interview with CNBC-TV18 on May 18, Inox Leisure CEO Alok Tandon had said he was optimistic about a recovery in the second half of FY22.
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