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Bharat Financial Inclusion raises $112 mn via institutional share sale
Bharat Financial | Photo Credit: Shah Junaid/VCCircle

Bharat Financial Inclusion's Rs 750 crore QIP closed today and was oversubscribed multiple times.

"The qualified institutional placement (QIP) which was launched with the issue size of Rs 750 crore (approximate), generated a strong demand and was multiple times oversubscribed," it said in a release.

The floor price of the issue was Rs 769.95, while the issue price was set at Rs 770 a share.

"The overwhelming response to the QIP is primarily on account of the conducive financial inclusion environment created due to the efforts of the Government and the Reserve Bank in the last few years," M R Rao, MD and Chief Executive Officer, Bharat Financial Inclusion Ltd said.

He further said the company's 'Customer Is the Strategy' approach, resulted in significant gains for customers including the lowest global mirco finance lending lending rate of 19.75 per cent.

Formerly known as SKS Microfinance, Bharat Financial Inclusion launches had on September 22 announced to launch the QIP to raise Rs 750 crore.

Shares of the company closed 0.74 per cent higher at Rs 856.10 on BSE.

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