Asahi India Glass Board Approves Allotment Of 1.18 Crore Shares To Eligible QIP At Issue Price

Asahi India Glass Ltd., has approved issue and allotment of 1.18 crore shares to eligible qualified institutional placement at issue price of Rs 844.79 per share.

The company's LTP Committee of the board of directors held on Sept. 18, has approved the closure of the Issue on Sept.18 pursuant to the receipt of application forms and the funds in the escrow account from the eligible qualified institutional buyers in accordance with the terms of the Issue.

The board has further approved determining and approving the allocation of 1.18 crore equity shares at an issue price of Rs 844.79 per equity share in accordance with the SEBI ICDR Regulations upon the closure of the issue, as per filing.

The company has also approved and finalised the confirmation of allocation note to be sent to eligible qualified institutional buyers, intimating them of the allocation of equity shares pursuant to the issue.

As per the filing, the approved issuance of refund intimation letter to the bidders who are entitled to receive the refund amount, if any.

Asahi India Glass, a leading integrated player in India's glass industry, caters to both automotive and architectural segments and has been expanding capacity to meet rising demand for value-added glass solutions.

Proceeds from the QIP are expected to help strengthen the company's balance sheet and fuel its growth strategy.

Shares of Asahi India Glass fell as much as 2.87% to Rs 890.47 apiece. They pared losses to trade 2.79% lower, by 9:57 a.m. The benchmark NSE Nifty 50 was trading 0.32% lower. It has risen 25.91% in the last 12 months and 16.95% on a year-to-date basis. The total traded volume so far in the day stood at 0.24 times its 30-day average. The relative strength index was at 65.86.

Out of two analysts tracking the company, one maintains a 'buy' rating, and one suggests 'sell', according to Bloomberg data.