Financial services firm Chola to raise 5k crore through QIP

CHENNAI: Cholamandalam Investment and Finance Company (Chola), the financial services arm of Murugappa Group, will raise Rs 5,000 crore through qualified institutions placement (QIP). Its board gave the nod for fundraise, the company said on Wednesday. The board approved the issue of equity shares and/or eligible securities convertible into equity shares by way of a QIP for an aggregate amount not exceeding Rs 5,000 crore in one or more tranches, it said.You use AI every day. Now get your AI Quotient. Take the AIQ test.