Indian infrastructure company GMR Infrastructure, which on Monday night was tapping the market for $500 million with a qualified institutional placement QIP, decided on Tuesday to pull the transaction. With six other Indian deals in the market, there was too much competition for capital, which left GMR unable to generate sufficient demand.
It is highly unusual for seven deals to launch in the same market on the same night. As one of the first deals to launch, GMR was at a disadvantage because no-one could predict that so many other companies would also go to market. Even the banks that worked on the QIPs on Monday did not know that so many deals...
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