India's PDS Limited raises $51 mn in over-subscribed QIP

PDS Limited is pleased to announce the successful completion of its Qualified Institutions Placement (QIP), raising ₹430 crore (~$51mn).

The QIP attracted robust interest from institutional investors, with a subscription exceeding 2x the issue size. The overwhelming response and commitment from institutional investors underscore the confidence in PDS's strategic vision, growth potential and a testament to the resilience and vitality of the business model, refined over two and a half decades.

This fund raise enables PDS to accelerate its growth journey of expanding into new markets & categories, as well as diversifying its sourcing regions through brownfield investments, all while maintaining a robust balance sheet.

Pallak Seth, executive vice chairman commented on this milestone, “We are immensely pleased with the enthusiastic response to our QIP, especially as this marks our first fundraise since demerger, with participation from a diverse range of institutional investors. This funding will be pivotal in propelling our expansion efforts, driving innovation, and expanding our global footprint into new & exciting markets.”

Sanjay Jain, group CEO, added “We are delighted with the strong response to our QIP, which not only strengthens our balance sheet but also fuels our growth opportunities. Furthermore, this fundraise helps institutionalize our capital structure with the participation of leading marquee long-term investors.”

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ALCHEMPro News Desk (HU)