Shyam Metalics Raises Rs 1,385 Crore in QIP

10 Jan 2024 , 12:24 PM

Shyam Metalics and Energy raised Rs 1,385 crore through a QIP issue on January 10.Notable allottees include Madhusudan Kela, Societe Generale, and Reliance Commercial Finance.

QIP received an overwhelming response with bids totaling Rs 4,055 crore, 3.5 times the sought amount.

QIP committee approved the allotment of 2.4 crore equity shares with a face value of Rs 10 each.

Shares were issued at Rs 576 per share to 38 QIBs, representing a 3.62 % discount from the floor price.

Significant allotments include Reliance Commercial Infra, Winro Commercial, Santosh Industries, Authum Investment, ITPL Invesco India Contra Fund, and Societe Generale ODI.

Cohesion MK Best Ideas Sub-Trust was allotted 5 lakh equity shares.

Post-QIP stake holdings: Reliance Commercial Infra (3.22 %), Santosh Industries (0.85 %), Cohesion MK (0.36 %).

Dilution completes SEBI’s minimum public shareholding requirements.

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