JM Financial has received strong response for its qualified institutional placement (QIP) that opened on Tuesday. The QIP has been subscribed over three times.
The company plans to raise ₹650 crore. The capital will be used to strengthen the balance sheet of the lending business.
US investors account for bulk of the subscription. Strong investor demand has been received across regions and categories.
The committee of the company approved the floor price at ₹161.44 a share. Credit Suisse and IDFC are the bankers.