Minda Industries raises Rs 300 crore via QIP

Auto components manufacturer Minda Industries today said it has raised Rs 300 crore through Qualified Institutional Placement (QIP).

The initial issues size was proposed for Rs 275 crore but given the over subscription of 2x, the company exercised its green shoe option and upsized the issue size to Rs 300 crore, Minda Industries said in a BSE filing.

Investors who participated in the issue include HSBC Global, Bajaj Allianz, DSP Blackrock, IDFC and IDBI Federal, among others.

"This is an important milestone in our corporate journey. This reinforces faith of reputed international and domestic institutional investors in the business we are pursuing and shall be investing in near future," Minda Industries Chairman and MD NK Minda said.