Bajaj Electricals to raise Rs 500 cr via qualified institutional placement

Bajaj Electricals, the manufacturer of electric fans and lighting items, may hit the market for a qualified institutional placement (QIP).  

The company has appointed investment bankers Edelweiss and IIFL to handle the offering, which may be in the range of Rs 400-600 crore, said people in the know. The proceeds will be used to pare debt. 

“The bankers have been doing roadshows for a while now, and the QIP should be launched soon,” said a person familiar with the matter. “The company had earlier planned to raise Rs 700-800 crore, but may now opt to raise a lower amount,” added another person.