Poonawalla Fincorp Raises ₹2,500 Crore Through QIP to Boost Growth and Lending Expansion

Poonawalla Fincorp on Tuesday said it has raised Rs 2,500 crore through a Qualified Institutions Placement (QIP) to support business growth, expand lending operations and diversify its asset portfolio.

The QIP issue witnessed strong participation from institutional investors and long-term funds, reflecting continued confidence in the company’s strategy and growth outlook, Poonawalla Fincorp said in a statement.

Under the issue, the company allotted 6,74,30,883 equity shares of face value of Rs 2 each to Qualified Institutional Buyers at an issue price of Rs 370.75 per share. The issue price was at a 5 per cent discount to the floor price of Rs 390.26 per share, aggregating to the total proceeds of Rs 2,500 crore.