Shree Cement reportedly raising over INR20bn through QIP offering

India’s Shree Cement Ltd is reportedly in an advanced stage of raising more than INR20bn (US$278.36m) through a qualified institutional placement (QIP) offering, according to the Mint.

"The money will be used for capex and debt reduction. They have been meeting investors for this purpose and are targeting to close this fundraise within this quarter," said a source for the Mint. "They could raise anywhere between INR20-INR30bn depending on demand from investors."

In October the company had announced plans to raise as much as INR30bn, in one or more tranches, through QIPs.