Pitti Engineering Shares Fall After Raising Funds Via QIP
The industrial products company raised Rs 360 crore by allocating 34.14 lakh shares at Rs 1,054.25 per share.
Shares of Pitti Engineering Ltd. fell over 3% on Friday—a day after the company raised funds via qualified institutional placement.
The industrial products company raised Rs 360 crore by allocating 34.14 lakh shares at Rs 1,054.25 per share, according to an exchange filing on Thursday.
SBI Mutual Fund and Aditya Birla Sunlife Mutual Fund were the top buyers at the qualified institutional placement, and received 36.1% and 25% of the allotted shares, respectively.
They were followed by HSBC Mutual Fund at 9.72%, Franklin India Smaller Companies Fund at 6.94%, Motilal Oswal Small Cap Fund at 6.94% and Kotak Mahindra Life Insurance Co. at 6.94%.
Pitti Engineering's stock fell as much as 3.65% during the day, before paring loss to trade 2.15% lower at Rs 1,150 apiece as of 12:27 a.m., compared to a 0.74% advance in the benchmark Nifty 50.
It has risen 201% in the last 12 months and 62% year-to-date. The relative strength index was at 54.
