INOX Leisure Ltd. (INOX) reported the successful completion of fundraising of approximately Rupees 300 Crores through a Qualified Institutions Placement (QIP).
The QIP opened for subscription on 8th June & closed on 11th June, and was subscribed by more than 5 times. INOX granted 96,77,419 equity shares with a face value of Rs 10 each, to eligible Qualified Institutional Buyers at an issue price of Rs 310 per share, including the premium.
The Qualified Institutions Placement has seen subscriptions from marquee Indian & global institutional investors. Indian investors included prominent investors like Aditya Birla Sunlife MF, HDFC MF, Nippon Life India MF & ICICI Prudential MF & Premji Invest. Some of the global investors included Morgan Stanley, Eastspring Investments, and Millenium Management.
Siddharth Jain the Director of INOX Group, said, “We are very much grateful to the faith that our investors have shown in our business fundamentals, capabilities of our management team, and our search to curate the best cinema-going experiences in the industry. The incredible response to the QIP has instilled tremendous assurance& belief in us for all our future endeavors.
“As we walk to a safe world, thanks to massive vaccination efforts to all across the country, we feel committed & empowered to turn around towards our usual business performance and resume to deliver value to our stakeholders.
Jain said, “We believe our innovativeness, coupled with our warm and thoughtful service experience, will prove decisive in the journey ahead. I extend my gratitude towards all the investors for the belief they have bestowed upon us”.
The funds raised through the Qualified Institutions Placement will be utilized by INOX towards working capital requirements, towards debt repayments including repayment of any existing/future debt incurred for any purpose including for paying off any liability; to meet the current operational expenses; to meet capital expenditure requirements for ongoing & future projects; to sustain growth in the business; for business extension and to improve the financial leveraging strength of the Company; for investments including amongst others, in subsidiary companies and for general corporate purposes including but not limited to continue new business opportunities, alliances, acquisitions, etc.
Edelweiss Financial Services Ltd. and Axis Capital Limited played as Book Running Lead Managers to the Issue (collectively, the “Lead Managers”). Khaitan & Co acted as the sole legal counsel to the Issue & Squire Patton Boggs Singapore LLP advised the Lead Managers on transfer restrictions and selling.