Poonawalla Fincorp shares in focus after ₹2,500 crore QIP launch; CNBC-TV18 Newsbreak confirmed

Shares of Poonawalla Fincorp

Ltd. will be in focus on Friday, April 10, after the company launched a qualified institutional placement (QIP) to raise funds, confirming a CNBC-TV18 newsbreak.

According to sources, the issue size is pegged at ₹2,500 crore, with the company retaining the option to upsize the offering.

The indicative issue price is set at ₹370.75 at the lower end, implying a potential equity dilution of up to 8.3% of the total outstanding equity capital at the base issue size.

The proceeds from the fund raise will be utilised towards assets under management augmentation, including lending and financing activities, as well as for debt repayment and general corporate purposes.

Shares of Poonawalla Fincorp ended 2.84% lower at ₹403 on Thursday. The stock has declined 17% so far this year.