Piramal Finance’s first qualified institutional placement (QIP) since listing attracted bids worth around Rs 21,000 crore, nearly 10 times the Rs 2,100 crore on offer, as global money managers and India’s largest mutual funds sought exposure to the rapidly expanding retail lender.
BlackRock, Goldman Sachs Asset Management and Eastspring Investments were among the global investors participating in the transaction, according to sources familiar with the matter. Domestic demand came from ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, Quant Mutual Fund, Axis Mutual Fund and Aditya Birla Sun Life Mutual Fund.
