KEI Industries raises ₹2,000 Crore via QIP

29 Nov 2024 , 01:45 PM

On Thursday, November 28, KEI Industries Ltd. stated that it concluded its Qualified Institutional Placement (QIP), in an effort to raise funds.

The board of KEI Industries has approved the issuance of 52.63 lakh equity shares to 104 qualified institutional buyers. The QIP issue price is fixed at ₹3,800 per share, a 2.1% decrease from the floor price of ₹3,880.54 per share.

Domestic funds, including Motilal Oswal, Kotak, and ICICI Prudential, have issued more than 5% of the shares on offer in this institutional share sale. Interestingly, Kotak Mutual Fund has gotten more than a fourth of the shares available under the QIP through its different schemes.

The company’s entire paid-up equity share capital is ₹19.11 Crore, with 9.55 Crore equity shares allotted through the QIP.

KEI Industries initiated the QIP on November 25 to raise these funds.

KEI Industries spent ₹300 Crore on capex in the first half of the current financial year and plans to spend additional ₹600 Crore to ₹700 Crore in the second half for the Sanand facility.

The company plans to spend between ₹800 Crore and ₹900 Crore on capital expenditures in the coming fiscal year.

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