KEI Industries has raised Rs 2,000 crore through a qualified institutional placement (QIP) of equity shares, the company announced on Thursday. The offering saw strong participation from domestic mutual funds, with prominent allocations to Kotak Mutual Fund, Motilal Oswal, and ICICI Prudential schemes.
The QIP, which opened on November 25 and closed on November 28, involved the issuance of 52.6 lakh equity shares at Rs 3,800 per share, representing a discount of 2.1 percent to the floor price of Rs 3,880.54. Following the allotment, KEI Industries' paid-up equity share capital increased to Rs 191.1 crore, comprising 9.55 crore shares.
Kotak Mutual Fund emerged as the largest single investor in the QIP, collectively receiving more than a quarter of the shares on offer (27.51 percent) across multiple schemes, including Kotak Emerging Equity Scheme and Kotak Small Cap Fund. Motilal Oswal Midcap Fund and Government Pension Fund Global were also significant allottees, receiving 13 percent and 5.15 percent of the issue, respectively.
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ICICI Prudential's various funds, including the Balanced Advantage Fund and Midcap Fund, collectively accounted for a sizeable share (13 percent) of the total allotment. In all, 104 institutional buyers participated in the QIP, the company said in a stock exchange filing.
The funds raised through the QIP will be utilised to enhance KEI Industries’ financial flexibility, support its growth initiatives, and strengthen its balance sheet. The company operates in the cables and wires segment and has been a key player in infrastructure development and energy projects.
The QIP marks KEI Industries' return to the equity capital markets after its last institutional placement in January 2020. KEI Industries share price closed with moderate losses yesterday, down 0.34 percent at Rs 4,305.2. The stock has surged 54 percent in the last one year, taking the company’s market capitalisation to over Rs 36,000 crore.
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