Kerala-based gold lender Manappuram General Finance & Leasing has raised Rs 224.6 crore via

RELATED ARTICLES DCB defers Rs 150 cr QIP plan to June

qualified institutional placement, less than its expected target of Rs 300 crore.

The sale was launched on February 25 and closed on Monday. Edelweiss and Enam Securities were the arrangers for the issue.

The company placed about 35.4 lakh shares at Rs 691 a share, fixed by it, in the process. About 12 investors participated in the issue. The major participants include Credit Suisse Singapore, Merill Lynch Capital Market, India Capital Fund, Morgan Stanley Mutual Fund, SBI Mutual Fund among others. The highest bid from the participants for the offer was for Rs 680 per share.

“The issue would result in a 10 per cent stake dilution. We were expecting to raise anywhere between Rs 240-300 crore,” VP Nandakumar chairman of the Manappuram Group told Financial Chronicle. He also noted that some investors wanted a lower price.

For the third quarter of FY10, the company’s net profit increased 300 per cent to Rs 34.99 crore, while income from operations rose 198 per cent to Rs 131.95 crore.