Poddar Developers raises $20M through QIP

Mumbai-based mid-size realtor Poddar Developers Limited has raised Rs 125 crore ($20.2 million) through a Qualified Institutional Placement (QIP), the company said on Wednesday.

QIP lets listed entities raise capital through issue of fresh securities to qualified institutional buyers (QIB).

This marks its first fundraising event since IPO.

The issue, which opened on January 19, closed on Wednesday and the board approved the issue price at Rs 1,125.21 per share.

Equirus Capital acted as the financial advisor for the developer.

The QIP saw participation from funds from Asia-Pacific region and witnessed demand in excess of 25 per cent of the issue size, according to the banker.

Poddar Developers is primarily undertaking affordable housing projects in and around Mumbai. It has completed projects with a saleable area exceeding 1 million sq ft, comprising over 2,400 units across residential units and retail shops.

Shares of Poddar Developers closed at Rs 1,395 each, up 1.36 per cent in a strong Mumbai market on Wednesday.

(Edited by Joby Puthuparampil Johnson)

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