Infrastructure EPC player KEC International has launched a qualified institutional placement (QIP) of equity shares, at a floor price of Rs 976.64 per share, the company informed stock exchanges through a filing on September 24.
KEC Intl said it may offer a discount of up to 5% on the floor price, and the final issue price will be determined in consultation with the lead managers.
A CNBC-TV18 alert quoted the indicative issue price at Rs 955/share.
The Committee of Directors of KEC International has authorized the opening of its qualified institutional placement (QIP) issue, and adopted the preliminary placement document.
The company plans to use the QIP proceeds for debt repayment and general corporate purposes.
During the June quarter earnings, KEC Intl said it had clocked order intake growth of over 70% YoY, with inflows of Rs 7,664 crore between April-June, contributed by T&D, Civil, Renewables,
Railways and Cables.
KEC Intl has a robust and diversified order book of over Rs 10,000 crore as of June quarter, with the global EPC sector promising 'exponential growth' in the infrastructure, the company has said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
