Jaiprakash Power raises $175 million from QIP

Jaiprakash Power Ventures, an Indian power producer, has raised Rs9.5 billion $175 million from a qualified institutional placement QIP, after pricing the deal at a 5% discount to the floor price. The discount to the latest close was as wide as 8%.

The deal, which was launched on Tuesday evening and completed before the opening of Indian trading yesterday, attracted strong demand from regional and international long-only investors, as well as domestic mutual funds, a source said yesterday. This allowed the issuer to exercise the $50 million upsize option in full, increasing the deal size from the original $125 million.

Notably, the company, which owns and...