KEI Industries has successfully raised Rs 2,000 crore via a qualified institutional placement (QIP) of equity shares. The QIP, which opened on November 25 and closed on November 28, priced the shares at Rs 3,800 each, offering a 2.1 percent discount to the floor price of Rs 3,880.54.
The issuance involved 52.6 lakh equity shares, increasing KEI Industries’ paid-up capital to Rs 191.1 crore, comprising 9.55 crore shares. Kotak Mutual Fund emerged as the largest investor, receiving 27.51 percent of the allocation across schemes like Kotak Emerging Equity Scheme and Kotak Small Cap Fund.
Other major subscribers included Motilal Oswal Midcap Fund and Government Pension Fund Global, which subscribed to 13 percent and 5.15 percent of the issue, respectively. ICICI Prudential funds, including Balanced Advantage Fund and Midcap Fund, accounted for another 13 percent. In all, 104 institutional buyers participated in the QIP.
The funds would be used to support growth initiatives of KEI Industries, improve financial flexibility, and strengthen the balance sheet. The company is a key player in the cables and wires segment and is actively involved in infrastructure and energy projects.
This would mark KEI’s first return to equity markets since its last institutional placement in January 2020. Shares of the company, which has jumped 54 percent in the past year, closed at Rs 4,305.2 on the day, down 0.34 percent. KEI Industries now has a market capitalisation of more than Rs 36,000 crore.
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Source: Moneycontrol
News Desk
