Edelweiss Financial Services Limited (EFSL) has said that it has raised Rs 1,527.75 crore through the Qualified Institutions Placement (QIP) route. The QIP opened on November 15, 2017 and closed on November 20, 2017.

This is the first equity fund raise by EFSL since its IPO in December, 2007. EFSL allotted 54,562,488 equity shares of face value of Rs 1 each (Equity Shares) to eligible qualified institutional buyers (QIBs) at Rs 280.00 per Equity Share, a discount of 1.80 percent or Rs 5.14, to the QIP floor price of Rs 285.14 per Equity Share, in accordance with the pricing formula provided under Regulation 85(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Speaking on the occasion, Rashesh Shah, Chairman, Managing Director and CEO of EFSL said, “We are delighted with the way that our fund raise has been received by marquee investors like CDPQ, Fidelity, Goldman Sachs, Nomura, HDFC Mutual Fund, Kotak and Birla MFs. We see this as an endorsement of our business model that uses both capital and talent vectors in growing surely and steadily. Investors in Edelweiss gain exposure to a diversified breadth of businesses serving both retail and corporate customers that ranges from retail and corporate credit, wealth management, asset management, capital markets to insurance.”

Meanwhile, shares of the company were trading at Rs 293.85 apiece, up 3.03 per cent from the previous close at 13:10 hrs on BSE.