MPS today announced the closure of its Qualified Institutions Placement (QIP) of equity shares to raise Rs 1.5 billion. The QIP saw participation from four mutual fund houses including one of the largest domestic mutual funds and FIIs. Promoter shareholding post QIP is now 67.8% as compared to 75.0% on Dec. 31, 2014.

Nishith Arora, chief executive officer, MPS said, "This is a strong testimony to investors' confidence in our company, as high quality domestic and international institutional investors have chosen to partner with us. The QIP is an enabler in our strategy to further augment our global leadership and competencies. The proceeds will be used for selective strategic acquisitions that will help us to expand scope of our services, add new customers, and enter new geographies." 

Shares of the company declined Rs 0.5, or 0.06%, to settle at Rs 888. The total volume of shares traded was 650 at the BSE (Thursday).