The company announced its plan to launch a Qualified Institutional Placement (QIP) to raise up to Rs 1,200 crore (about USD 143 million) to support its growth strategies and bolster its financial position. This was disclosed in a filing to the stock exchange on October 10.

The floor price for the issue has been set at Rs 1,635.48 per share, with a 5% discount permissible as per the regulations. Investors have until 3 pm (IST) on October 15 to submit their application forms and make the required payment.

The manufacturer of precision components for the automotive and aerospace sectors has proposed to issue around 7.72 million new equity shares, representing a dilution of 14.3% of the company’s pre-issue outstanding equity share capital.

The company currently has 53.99 million shares of subscribed and paid-up equity capital. The entire offering will consist of primary shares, with no secondary offering involved.

The funds raised from the QIP will support the company’s growth strategies and enhance its financial position.

Following the successful closure of the issue, the company anticipates crediting shares to investor accounts by October 16 and expects listing and trading approval by October 17. Trading of the new shares is projected to commence on October 18.

The company and promoters will be bound by a 180-day lock-up period, with certain exceptions outlined in the offering document. ICICI Securities Ltd and other managers serve as the book-running lead manager for the QIP.

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