Sansera Engineering launches QIP worth ₹1,200 Crore

11 Oct 2024 , 02:50 PM

Sansera Engineering Ltd shares increased by about 3% in morning session on Friday, October 11. The firm announced a Qualified Institutional Placement (QIP) to raise up to ₹1,200 Crore (approximately $143 Million) to fund expansion objectives and strengthen its financial condition.

The QIP’s indicative price range is ₹1,554 per equity share, a 2.1% reduction to the closing price of ₹1,587.8 on the NSE as of October 10, according to a stock market filing.

The issue’s floor price is ₹1,635.48 per share, with a 5% discount allowed under regulations.

The deal was published after market hours on Thursday, October 10, and expressions of interest (EOI) are set to conclude at 8:45 IST on Friday, October 11, with the possibility to shut sooner.

Investors will have until 3 p.m. on October 15 to submit their application forms and pay the application fees.

 

The precision components manufacturer for the automotive and aerospace sectors intends to issue about 7.72 Million new equity shares, resulting in a 14.3% dilution of the company’s pre-issue outstanding equity share capital.

The corporation currently has 53.99 Million subscribed and paid-up equity shares. The whole offering will be made up of primary shares, with no secondary offerings included.

The proceeds from the QIP will be utilised to fund the company’s expansion goals and strengthen its financial condition.

Following the successful conclusion of the issue, the business plans to credit shares to investor accounts by October 16, with listing and trade permission expected by October 17. Trading of the new shares is planned to begin on October 18.

At around 2.30 PM, Sansera Engineering was trading 1.28% higher at ₹1,608.10, against the previous close of ₹1,587.80 on NSE. The counter touched an intraday high of ₹1,631.90.

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