Cemindia Projects’ Rs 1,400-crore QIP oversubscribed 2.3x; Edelweiss Life, Nuvama, Motilal MF among investors

Cemindia Projects raised Rs 1,400 crore through an oversubscribed QIP, drawing major mutual funds as its shares gained nearly 6% on Thursday.

The company priced the QIP at Rs 1,108 per share, raising Rs 1,400 crore through the issuance of approximately 1.26 crore equity shares, representing 6.85% of its post-issue share capital.

The issue attracted participation from several domestic mutual funds, including Motilal Mutual Fund, Mirae Asset Mutual Fund, Bank of India Mutual Fund, Tata Mutual Fund, Aditya Birla Sun Life Mutual Fund, Invesco Mutual Fund, Union Mutual Fund, Trust Mutual Fund, ITI Mutual Fund and Bandhan Mutual Fund. Among other domestic institutional investors, Edelweiss Life and Nuvama also participated in the placement.

Cemindia Projects, formerly known as ITD Cementation India Limited, announced the opening of its QIP on October 14, 2026.

In a regulatory filing dated October 14, the company said its management committee had approved the opening of the issue and fixed the floor price at Rs 1,158.58 per equity share, in accordance with the pricing formula prescribed under the Securities and Exchange Board of India’s (SEBI) Issue of Capital and Disclosure Requirements Regulations, 2018.

The company had also stated that it could offer a discount of up to 5% on the floor price, at its discretion. The final issue price of Rs 1,108 per share was below the announced floor price.

Separately, Cemindia Projects disclosed that CRISIL Ratings Limited had assigned the company a long-term credit rating of CRISIL AA/Stable and a short-term rating of CRISIL A1+ for its bank loan facilities.

Cemindia Projects shares closed Thursday’s trading session at Rs 1,221.40 apiece on the National Stock Exchange (NSE), up 5.89% from the previous close of Rs 1,153.50, according to NSE data.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here