Escorts to raise 3 bln rupees via QIP issue

Newswire

MUMBAI, May 29 (Reuters) - Tractor and construction equipment maker Escorts Ltd. plans to raise 3 billion rupees through a qualified institutional placement, a senior official said on Tuesday. Two thirds of the money would be used to turn the company debt free, Executive Director Nikhil Nanda told Reuters. Half of the funds would be raised in shares and the balance in convertible instruments.

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