Sona BLW Precision Forgings Ltd. raised Rs 2,400 crore by selling shares through qualified institutional placement. The company allocated 3.5 crore shares at an issue price of Rs 690 each, including a premium of Rs 680 per equity share, indicating a 1.29% discount on the floor price of Rs 9.01 per share, according to an exchange filing on Monday.
The company did not disclose the names of the qualified institutional buyers.
The company's board approved and declared the closure of the issue on Sept. 9, 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 approved and finalised the "confirmation of allocation note" to be sent to the eligible qualified institutional buyers, intimating them of allocation of equity shares pursuant to the issue, the company said.
Shares of Sona BLW closed 2.62% higher at Rs 699.75 per share on the BSE, compared to a 0.46% advance in the benchmark Sensex.
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