Pitti Engineering launches QIP, issue size at Rs 360 crore

There will be a lock-in period of 90 days for the investors.

Pitti Engineering Limited (PEL) on July 8 said that will be raising funds via Qualified Institutional Placement (QIP). The issue size of the QIP is Rs 360 crore.

Issue price of the QIP is set at Rs 1,054.25 per share, which is at a discount of 8.93 percent to current market price. Shares of Pitti Engineering closed 1.34 percent lower at Rs 1,156.30 apiece on BSE today.

Further, there will be a lock0in period of 90 days for the investors.

Pitti Engineering Ltd, which supplies a wide range of products to vastly diversified end-user segments, reported that its net profit for the quarter ended 31 March, 2024 62.48 percent to Rs 40.36 crore compared with Rs 24.84 crore in the year-earlier period.

Revenue from operations during the quarter ended March 31, grew 32.48 percent to Rs 327.88 crore compared with Rs 247.50 crore.

Akshay S Pitti, Vice Chairman & Managing Director, had said “FY24 has been the best in the company’s history, recording all-time high revenues, profitability, and sales volume. Also, in the current quarter, an incentive amount of ₹30.45 crore was accounted for under the Maharashtra State Industrial Promotion Scheme.”