UPDATE 1-Escorts to raise 3 bln rupees via QIP issue


(Adds details, quotes, background) By Narayanan Somasundaram MUMBAI, May 29 (Reuters) - Tractor and construction equipment maker Escorts Ltd. plans to raise 3 billion rupees through a qualified institutional placement (QIP), 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 the amount would be raised in shares and the balance in convertible instruments, he said. "We believe in the ...

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