Deepak Nitrite has raised Rs 150 crore by selling shares to institutional investors to fund its new project.
Deepak Nitrite's share sale through Qualified Institutional Placement (QIP) witnessed a strong response from high quality domestic institutional investors and saw a demand of over 2.2 times the issue size, exceeding Rs 340 crore.
"The QIP funding completes a key portion of the equity fund requirement for the new Phenol/Acetone project being set up in subsidiary company of Deepak Nitrite," the company said.
The project is rapidly taking shape and is targeted for completion by year end. The company, including its subsidiary, is expected to more than double its current turnover in next three years.
The QIP witnessed participation from some of the top domestic institutional investors namely ICICI Lombard General Insurance Company, Birla Sun Life Insurance Company, Reliance Mutual Fund, Birla Mutual Fund, ICICI Prudential Mutual Fund, IDFC Mutual Fund and L&T Mutual Fund.
The company allotted l,44,23,076 equity shares of Rs 2 each at a price of Rs 104 per share.
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