Zen Technologies launches QIP worth ₹800 Crore

22 Aug 2024 , 11:14 AM

Zen Technologies Ltd, a defence training solutions provider, launched a Qualified Institutional Placement (QIP) on Wednesday (August 21). The issue size is ₹800 Crore and may be increased to ₹1,000 Crore, according to sources.

According to numerous sources acquainted with the matter, the base issue accounts for 5.95% of the company’s equity and has the potential to increase to 7.43%.

According to sources, the offering is priced at ₹1,601 per share, which is 10.2% lower than the closing price and 5% lower than the floor price.

The proceeds from the QIP will be utilised to meet the company’s working capital needs, to support inorganic growth through acquisitions and strategic initiatives, and for general corporate reasons.

According to sources familiar with the matter, ICICI Securities and others are the issue’s book-running lead managers (BRLM). The shares will have a 60-day lock-in period.

At around 10.29 AM, Zen Technologies was trading 1.28% lower at ₹1,759.80 per piece, against the previous close of ₹1,782.55 on NSE. The counter touched an intraday high and low of ₹1,863.35, and ₹1,731, respectively.

For feedback and suggestions, write to us at [e-mail]