PI Industries has approved Rs 1,470 as the issue price for its qualified institutional placement (QIP), through which the company raised Rs 2,000 crore.

In a filing to stock exchanges, the company said the QIP issue was closed on Wednesday and the issue price was at a discount of 4.19% to the floor price. The proceeds would be used to expand current business, scale-up newer technologies and foray into pharmaceuticals, imaging, and other speciality chemicals.

PI Industries has planned a capital expenditure of Rs 1,828 crore over FY20- 22 to build new capacity and support utilities. The company completed the acquisition of Isagro India in FY20 at an enterprise value of Rs 450 crore.

Since the beginning of the 2020, the PI Industries stock has gained 15 per cent compared to a 12 per cent fall in the benchmark Sensex. The stock traded at Rs 1,667, up 0.3 per cent from previous close. PI Industries reported a 12 per cent year-on-year fall in its March quarter consolidated net profit to Rs 110.7 crore. Net income rose 4.24 per cent to Rs 862.

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The company manufactures crop protection chemicals and plant growth nutrients, and chemical and active intermediates.