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The indicative issue price has been set at ₹1,201 per share, a 6.4% discount to Thursday’s closing price, and a 1.15% discount to the SEBI floor price, sources said.
Kalpataru Projects, in a stock exchange filing on Thursday, December 12, said its QIP committee at its meeting approved the floor price for the issue at ₹1,214.98 per share.
The company is looking to dilute 5.13% equity through this institutional share sale. The proceeds from the fund raise will be used for part or in full repayment / pre-payment of certain outstanding borrowings and for general corporate purposes, the source said.
There will be a 30-day lock in period post the issue of shares. ICICI Securities Ltd. and Avendus Capital Pvt. Ltd. are the book running lead managers for the share sale.
Kalpataru Projects reported a 39.7% increase in net profit at ₹125.6 crore for the September quarter. In the same period last year, the company posted a net profit of ₹90 crore.
Revenue from operations increased 9.1% to ₹4,930 crore against ₹4,518.4 crore in Q2 of the preceding fiscal, led by robust execution and healthy order backlog.
At the operating level, EBITDA jumped 83.8% to ₹438.3 crore in the second quarter of this fiscal over ₹238.4 crore in the year-ago period.
The EBITDA margin stood at 8.9% in the reporting quarter compared to 5.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Kalpataru Projects shares ended 2.42% lower at ₹1,280 per share on Thursday, December 12. The stock has gained 78.73% this year, so far.
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