<article><a href="https://www.dealstreetasia.com/?s=Info Edge (India) Ltd" target="_blank" rel="noopener noreferrer">Info Edge (India) Ltd</a>, the parent of recruitment portal <a href="https://www.dealstreetasia.com/?s=Naukri.com" target="_blank" rel="noopener noreferrer">Naukri.com</a>, late on Monday approved a plan to raise funds via a so-called qualified institutional placement offering (QIP).</article>

<a href="https://www.dealstreetasia.com/?s=Info Edge (India) Ltd" target="_blank" rel="noopener noreferrer">Info Edge (India) Ltd</a>, the parent of recruitment portal <a href="https://www.dealstreetasia.com/?s=Naukri.com" target="_blank" rel="noopener noreferrer">Naukri.com</a>, late on Monday approved a plan to raise funds via a so-called qualified institutional placement offering (QIP).
In a stock exchange filing, the company said its board has approved raising up to ₹1,875 crore through a QIP.
QIP is a tool used by listed companies to sell shares or other securities, which are convertible into stocks, to qualified institutional buyers such as mutual funds and insurance companies.
Only two companies have managed to raise funds through the QIP route since covid-19 and the ensuing lockdown brought all economic activities to a grinding halt in the country in March.
In May, Kotak Mahindra Bank Ltd raised ₹7,442 crore by selling shares to institutional investors including Invesco Oppenheimer Developing Markets Fund, Canada Pension Plan Investment Board (CPPIB) and ICICI Prudential Asset Management CoLtd.
JM Financial Ltd raised ₹770 crore through a QIP, earlier in June.
This article was first published on <a href="https://www.livemint.com/">livemint.com</a>

QIP involves sale of shares or other securities, which are convertible into stocks, to qualified institutional buyers.

India: Info Edge gets board approval to raise up to $247m through QIP

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India: Info Edge gets board approval to raise up to $247m through QIP

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