Transformers and Rectifiers India allots 75 lakh shares to Nomura, Goldman Sachs, HSBC, more in Rs 500-cr QIP

Transformers and Rectifiers India has closed Rs 500 crore QIP.

Transformers and Rectifiers India Ltd has raised Rs 500 crore from institutional investors including Nomura, Goldman Sachs, HSBC and others in a QIP (qualified institutional placement of shares).

The company has issued 75.18 lakh equity shares to (QIBs) qualified institutional bidders at Rs 665 per share, aggregating to Rs 500 crore. The issue of shares is at a discount of Rs 34.95 per share to the floor price of Rs 699.95, it said in an exchange filing.

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Here's the list of institutional investors that have been allotted more than 5 percent of the issue:

> Nomura Funds Ireland India Equity Fund: 11.27 lakh shares; 15 percent of the issue
> Goldman Sachs India Equity Portfolio: 11.27 lakh shares; 15 percent of the issue
> HSBC Midcap Fund: 7.75 lakh shares; 10.3 percent of the issue
> Max Life Insurance - High Growth Fund: 4.21 lakh shares; 5.6 percent of the issue
> Ask Golden Decade Fund: 4.01 lakh shares; 5.33 percent of the issue

The firm will use the proceeds to fund its capex plans, repay its borrowings, and for working capital, inorganic growth and the general corporate purposes. Following the QIP, the selling shareholder will have a lock-in period of 60 days before they can offload more shares.

The book-running manager for the QIP was Nuvama Wealth Management, earlier known as Edelweiss Securities. According to the shareholding pattern from the March quarter, the promoter of the company holds a 69.65 percent stake in the company.

In the last year, Transformers and Rectifiers shares have the company have nearly gained a staggering 900 percent. Transformers and Rectifiers stock was trading down 1.3 percent at Rs 800 in the afternoon trade on June 14.

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