Leveraged companies opt for equity

摘要

Highly leveraged Indian infrastructure companies are taking advantage of the current local market rally and issuing shares ahead of the July 10 federal budget. Last week, gmr infrastructure and jaiprakash associates raised a total Rs30bn (US$500m) through qualified institutional placements. The offerings came on top of Reliance Communications' US$800m QIP the week before and were well received by the market, going by the number of accounts that participated in the transaction. A banker associated with one of the QIPs said: "After a long time, we had a very broad based investor profile for an Indian QIP."