SINGAPORE/MUMBAI, Nov 15 (Reuters) - India’s Edelweiss Financial Services Ltd has launched a share sale to institutions to raise as much as 20 billion rupees ($307 million), according to a deal term sheet seen by Reuters on Wednesday.
The deal has a base size of up to 15 billion rupees with an up to 5 billion rupee upsize option, the term sheet showed.
Edelweiss is selling the shares in a price range of 280 rupees to 285 rupees each, which would be a discount of 0.9 percent to a premium of 0.9 percent to the stock’s Wednesday closing price.
The so-called qualified institutions placement will lead to a dilution of up to 7.7 percent of post-issue capital.
The funds raised will be used to fund growth and expansion, and to boost capital ratios, Edelweiss said in a filing.
Citigroup, Emkay, ICICI Securities, Kotak Mahindra Capital and SBI Capital Markets are managing the share sale, according to the filing. bit.ly/2zZe3k1 ($1 = 65.2100 Indian rupees) (Reporting by S. Anuradha of IFR and Devidutta Tripathy; Editing by Subhranshu Sahu)