Bharat Financial Inclusion's QIP got oversubscribed by multiple times

Bharat Financial Inclusion - a NBFC regulated by the RBI, today saw it's Rs 750 crore Qualified Institutional Placement getting oversubscribed by multiple times on the last day of public issue. 

It said in a statement,"The QIP which was launched with the issue size of Rs 750 crore, generated a strong demand and was multiple times oversubscribed."

The company has fixed a floor price of Rs 769.95 and an issue price of Rs 770 for the QIP.  

M.R. Rao, Managing Director and Chief Executive Officer of Bharat Financial Inclusion said,"The overwhelming response to the QIP is primarily on account of the conducive financial inclusion environment created due to the efforts of the Government and the Reserve Bank of India in the last few years."

The proceeds from this QIP will be utilised for funding the company's stable growth plans ahead. 

Ashish Damani, Chief Financial Officer of Bharat Financial Inclusion said,""The QIP will enable us to augment our member base from the present 5.7 million to 9.5 million over the next two years, and meet their credit requirements.”

The QIP was launched on September 22, 2016 and closed on September 27, 2016. 

Credit Suisse Securities (India) Private and Kotak Mahindra Capital Company were the global co-ordinators and book running lead managers of this QIP. 

While  Motilal Oswal Investment Advisors and Yes Securities (India)  acted as Co- Book Running Lead Managers. 

As of June 30, 2016, the net worth of Bharat Financial Inclusion stood at Rs 1627 crore and is expected to cross over Rs 2356 crore with this QIP.