PTC Industries has raised Rs 700 crore via a qualified institutional placement (QIP), with Motilal Oswal investing over Rs 210 crore across two funds.
The QIP saw 5.3 lakh equity shares issued at Rs 13,199.7 per share, a 5% discount to the floor price.
Motilal Oswal's Large and Midcap Fund and Long Term Equity Fund acquired a combined 1.59 lakh shares, making up 30 percent of the total issue. HSBC and Societe Generale also participated, investing Rs 130 crore and Rs 60 crore, respectively.
The company supplies and manufactures earth moving equipment, fork, machine tools, pump, spare parts. It is also an exporter of stainless steel casting and non ferrous alloy.
At the time of publishing, the stock was trading at Rs 14,470.70 per share on the NSE, up marginally by 0.31 percent.
The counter went up by 72.47 percent in the last 6 months. In 2024 so far, the stock has delivered 118.04 percent multibagger returns on the BSE. It rose 141.72 percent in the last 1 year.
In June this year, the company announced its partnership with top defence entities under the DTIS scheme to support the 'Make in India' initiative for the Indian defence and aerospace sectors. A greenfield defence testing facility is being developed at the Lucknow Node of the UP Defence Industrial Corridor as part of the DTIS scheme.
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