BENGALURU, June 27 Reuters India39;s Aditya Birla Capital has proposed to issue equity shares worth up to 17.5 billion rupees 213.5 million through a qualified institutional placement, according to a term sheet seen by Reuters on Tuesday.

The issue price for the placement is 175 rupees per share, according to a person with direct knowledge of the deal, a 3.4 discount to Monday39;s closing level of 181.25 rupees.

Aditya Birla Capital declined Reuters39; request for confirmation of the price.

Shares of the company rose over 4 to their highest level since January 2018.

The financial services firm will use the proceeds to invest in its units, joint ventures, and associates, among other corporate purposes, the term sheet said.

The bookrunning managers for the issue are BofA Securities India, Jefferies India, Axis Capital, and ICICI Securities.

The Aditya Birla Groupowned company has approved the raising of funds twice in the last two months for sums of up to 30 billion rupees and 12.5 billion rupees.

1 81.9670 Indian rupees

Reporting by Varun Vyas in Bengaluru and M.Sriram in Mumbai; Editing by Sonia Cheema

Source Reuters