Mumbai: Construction company Ashoka Buildcon has raised Rs 5 billion ($80.3 million) from a share sale to institutional investors, two sources directly involved in the deal told Reuters.
Demand for the shares hit Rs 6.5 billion, with investors including Singapore-based fund GMO, ICICI Prudential and Morgan Stanley, the sources added.
The share sale was launched at an indicative price of Rs 175.80 per share, a discount of about 9 per cent to Monday's closing price of Rs 193.15 a shares on the National Stock Exchange of India, a term sheet seen by Reuters shows.
Axis Bank, ICICI Securities, IDFC Securities and Macquarie Capital were the managers of the issue.
India's stock market has seen a number of share sales from small companies, looking to pay debt and expand as the economy recovers.
($1 = 62.3006 rupees)
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