QIP over-subscribed by more than 5 times by marquee Indian and global institutional investors

Raises a total of approximately Rs. 300 Cr through issue of 96,77,419 equity shares at Rs. 310 per equity share 

Mumbai, 14^th June, 2021 (GPN): INOX Leisure Limited (INOX) today announced a successful completion of fundraising of approximately Rs. 300 Cr through a Qualified Institutions Placement (QIP). The QIP opened for subscription on 8^th June and closed on 11^th June, and was over-subscribed by more than 5 times. INOX allotted 96,77,419 equity shares with a face value of Rs 10.00 each, to eligible Qualified Institutional Buyers (QIBs) at an issue price of Rs 310 per share (including premium).

The QIP saw subscriptions from marquee Indian and global institutional investors. Indian investors included prominent investors like HDFC MF, Aditya Birla Sunlife MF, Nippon Life India MF and ICICI Prudential MF and Premji Invest. Some of the global investors included Eastspring Investments, Morgan Stanley and Millenium Management. 

Speaking about the response to the QIP, Siddharth Jain, Director – INOX Group said, “We are extremely grateful to the faith that our investors have shown in our business fundamentals, capabilities of our management team, and our quest to curate the best cinema-going experiences in the industry. The incredible response to the QIP has instilled tremendous belief and assurance in us for all our future endeavours. As we tread towards a safer world, thanks to massive vaccination efforts all across the country, we feel empowered and committed to turn around towards our usual business performance and continue to deliver value to our stakeholders. We believe that our innovativeness, coupled with our warm and thoughtful service experience, will prove decisive in the journey ahead. I extend my deepest gratitude towards all the investors for the trust they have bestowed upon us.”

The funds raised through the QIP would be utilized by INOX towards working capital requirements, towards debt repayments including repayment of any existing or future debt incurred for any purpose including for paying off any liability; to meet the current operational expenses; to meet capital expenditure requirements for ongoing and future projects; to sustain growth in the business; for business expansion and to improve the financial leveraging strength of the Company; for investments including amongst others, in subsidiary companies and for general corporate purposes including but not limited to pursuing new business opportunities, acquisitions, alliances etc.

Edelweiss Financial Services Limited and Axis Capital Limited acted as Book Running Lead Managers to the Issue (collectively, the “Lead Managers”). Khaitan & Co acted as the sole legal counsel to the Issue and Squire Patton Boggs Singapore LLP advised the Lead Managers on selling and transfer restrictions. ENDS

About INOX Leisure Limited

[INOX Leisure Limited (INOX) is amongst India’s largest multiplex cinema chains with 153 multiplexes and 648 screens in 69 cities. INOX endeavours to offer to customers best in class luxury experience. Each INOX property is unique with its own distinct architecture and aesthetics. Beyond the normal screens, INOX also has INOX INSIGNIA for the discerning audience or KIDDLES for young patrons or MX4D which allows the audience to “feel” the movie’s motion from the built-in motion and effects in the seats along with the theatre’s atmospheric interventions and flawlessly synchronized timing of each effect or the panoramic viewing. INOX was also one of the first operators in India to have launched ScreenX at select locations. INOX brings the very latest in projection and audio technology with INOX 

Laserplex, IMAX & INOX ONYX. Some of the key multiplex features include plush micro adjustable 

leather recliners with a butler on call facility, gourmet meal choices by celebrity chef, designer staff uniforms. INOX recently launched Megaplex, massive experience-driven entertainment destinations at Palassio Mall Lucknow and at Inorbit Mall, Malad, Mumbai which is home to the six different cinema viewing experiences.