The fund-raising committee of the Board of Directors of the Company approved the issuance and allotment of 85,559,435 new equity shares through this Institutional Placement. The Placement issue price of Rs 101.10 per equity share represents a discount of 4.96% to the applicable floor price of Rs 106.38 per equity share calculated in accordance with applicable SEBI regulations. The fund raise resulted in an overall 15.8% dilution for current shareholders.

The Institutional Placement was launched on 07 April 2022 and witnessed strong response from both existing as well as new institutional investors including global and domestic funds, with nearly ~50% of the demand from new investors and 70%+ of the book allocated to long only investors.