SPR Auto Tech Ltd. has launched a Rs 1,000 crore qualified institutional placement (QIP), with the issue offering eligible institutional investors shares at a discount of up to 5% to the company's latest closing price.
The company has fixed the QIP floor price at Rs 4,438.20 per share, according to the issue terms.
The indicative price range for the offering is Rs 4,216.30-Rs 4,436.60 per share, implying a discount of up to 5% to the stock's previous closing price.
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SPR Auto could issue up to 23.72 lakh shares through the QIP. The fundraising is expected to result in equity dilution of around 5.1%-5.4%, depending on the final issue price and number of shares allotted.
The company and the promoter group will be subject to a 60-day lock-up in connection with the issue.
The QIP will allow SPR Auto to raise a substantial amount of capital from institutional investors while limiting the immediate funding requirement through debt.
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