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Mahindra Gesco closes institutional placement
Thursday, 05 October 2006, 19:30 IST
Mumbai: Mahindra Gesco Developers Ltd., (MGDL) a real estate and infrastructure developers based in India, closed its $105 million Qualified Institutional Placement (QIP), one of India's QIP under the new Securities Exchange Board of India's (SEBI) regulations.
MGDL, a Mahindra & Mahindra Group company, opened its QIP for investors on Sep 29 and closed it on Oct 4. The placement received a strong demand of more than $160 million at a price of 
800 per share, a statement here said Thursday.
"The placement received participation from a wide segment of investors such as foreign institutional investors (FIIs), mutual funds, banks and insurance companies," it added.
MGDL is currently focused on residential projects and integrated infrastructure development in special economic zones (SEZs). The company has developed over 3.54 million sq ft of residential and commercial space.
It developed the Mahindra World City in Chennai, which is the only operational SEZ with private participation.
Source: IANS
800 per share, a statement here said Thursday.
"The placement received participation from a wide segment of investors such as foreign institutional investors (FIIs), mutual funds, banks and insurance companies," it added.
MGDL is currently focused on residential projects and integrated infrastructure development in special economic zones (SEZs). The company has developed over 3.54 million sq ft of residential and commercial space.
It developed the Mahindra World City in Chennai, which is the only operational SEZ with private participation.
Source: IANS