Equity markets have been decidedly soft this week, but two Indian financial companies managed to squeeze in a qualified institutional placement QIP before the market opened yesterday, raising a combined $350 million.
Yes Bank, a private sector lender, raised $225 million from an upsized fixed price offering that came at a 1.35% discount versus Wednesday's close. And Shriram Transport Finance Company, which provides financing for the acquisition of second-hand commercial vehicles, tapped the market for $125 million at a 2.9% discount. Both companies were raising money to strengthen their tier-1 capital ratios.
These were the first QIPs of size in 2010 and given the collapse in US equities overnight they appear to have grabbed...
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