Cholamandalam Investment and Finance Company Limited (BSE:511243) is likely to raise upto INR 40,000 million through a qualified institutional placement (QIP) in September. The Murugappa-backed company has shortlisted three investment banks as advisors for the same, according to a report by Moneycontrol. The NBFC arm of the conglomerate looks to raise the amount for growth purposes, sources told the news website.

The proposed QIP is likely to be launched in September depending upon the market conditions. Investment banks Kotak Mahindra Capital, IIFL Capital and HSBC Securities have been taken on board and work has begun, according to the report. Live Mint could not independently verify the development.