India’s Aditya Birla Capital has proposed to issue equity shares worth up to 17.5 billion rupees ($213.5 million) through a qualified institutional placement (QIP), according to a term sheet seen by Reuters on Tuesday.
The issue price for the placement is between 170 rupees and 176 rupees, a 6.2% to 2.9% discount to Monday’s closing level of 181.25 rupees. Shares of the company rose nearly 3% to their highest level in more than five years.
The Aditya Birla Group-owned company approved the raising of funds twice in the last two months for sums of up to 30 billion rupees and 12.5 billion rupees.