India, July 11 -- Listed dronetech company ideaForge closed its qualified institutional placement (QIP) on Friday (July 10), raising Rs.500 Cr from a clutch of institutional investors.

The fundraising committee approved the issue and allotment of around 62.89 Lakh equity shares to eligible qualified institutional buyers (QIB) at an issue price of Rs.795 per share. The company issued the new equity shares 5% lower than the floor price of Rs.835.8 announced when the company launched the QIP on July 7.

NBFC Bengal Finance and Investment, Hara Global Capital, Arohi Asset Management, ACM Capital Management were among the investors that lapped up shares in the drone company. Besides, HDFC Mutual Fund, Mahindra Manulife and Bandhan were some o...