Calcutta, July 2: City-based FMCG firm Emami Ltd today raised Rs 310 crore through a qualified institutional placement (QIP) issue.

The company allotted one crore shares at Rs 310 apiece to a clutch of domestic and foreign investors.

The issue, which was oversubscribed, was priced at a discount of 11 per cent to Emami’s closing price of Rs 347.45 on the Bombay Stock Exchange today.

The successful issue comes close on the heels of GMR Infrastructure’s QIP, which received a poor investor response.

Emami had launched the offering on Tuesday and priced it today.

The fund will be utilised in retiring the company’s debt from the Rs 700-crore acquisition of Zandu Pharmaceuticals last year.

Emami has Rs 460-crore debt on its book. It plans to pay off more than half of it during this fiscal.

Mohan Goenka, director of Emami, said the issue would increase the stock’s liquidity in the market. The promoters’ holding will come down to 73 per cent from 88 per cent following the issue.