Shyam Metalics Raises Rs 1,385 Crore Via QIP
The company allotted 2.4 crore shares to 38 qualified institutional buyers at the issue price of Rs 576 per share, which is a 3.62% discount on the floor price of Rs 597.63 set by the board.
Shyam Metalics and Energy Ltd. has raised Rs 1,385 crore through qualified institutional placement.
The company allotted 2.4 crore shares to 38 qualified institutional buyers at an issue price of Rs 576 per share, according to an exchange filing on Friday.
The issue price is at a 3.62% discount on the floor price of Rs 597.63 set by the board. The QIP issue was open on Jan. 2 and closed on Jan. 5.
The fundraising proposal to fund capex plans was approved by the board of directors of the company on July 27 last year and later passed in the annual general meeting dated Sept. 21.
Among the investors that secured over 5% of the QIP issue are Reliance Commercial Finance Ltd., Winro Commercial (India) Ltd., Santhosh Industries Ltd., Authum Investment and Infrastructure Ltd., and Societe Generale.