Transformers & Rectifiers shares gain 4% on bagging order worth Rs 114 crore

Over the past year, shares of the firm have surged around 350 percent.

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Transformers & Rectifiers (India) shares gained over four percent in trade on September 13 after bagging an order win worth Rs 114 crore.

The order is from RRVPNL or Rajasthan Rajya Vidyut Prasaran Nigam Limited for power transformers of 50 MVA, 132/33 KV. Transformers and Rectifiers (India) will manufacture the transformers and deliver it by the next financial year.

At 1 pm, shares of the power player were quoting Rs 683.2 per share, up 2.7 percent on the NSE.

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On June 14, Transformers and Rectifiers India 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.

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.

Over the past year, shares of the firm have surged around 350 percent, outperforming the Nifty 50 index, which rose around 25 percent during the same time period.

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