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The indicative issue price for the QIP is ₹2,096.2 per share, representing a 6.1% discount to the closing price and a 5% discount to SEBI’s floor price, sources in the know told CNBC-TV18. The offering will result in an equity dilution of 5.2%.
The funds raised will be used for repaying outstanding borrowings, working capital needs, and general corporate purposes. Kotak Mahindra Capital and Motilal Oswal Investment Advisors are acting as the book running lead managers (BRLMs) for the issue. The lock-in period for the QIP is set at 90 days for other investors and 30 days for the promoter and promoter group.
Last week, CNBC-TV18 reported that Gravita India is likely to launch a qualified institutional placement (QIP) to raise funds. The company is likely to raise ₹1,000 crore through the institutional share sale, the sources said.
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On October 4 this year, Gravita India’s board approved raising ₹1,000 crore through a QIP and other permissible methods. Promoters of Gravita India held a 63.37% stake in the company at the end of the September quarter.
Gravita India reported a 26.3% year-on-year (YoY) increase in net profit at ₹72 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Gravita India posted a net profit of ₹57 crore, the company said in a regulatory filing.
The company’s revenue from operations increased 11% to ₹927.4 crore against ₹836.2 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA dipped 13% to ₹63.4 crore in the second quarter of this fiscal over ₹72.8 crore in the corresponding period of FY24.
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Shares of Gravita India Ltd ended at ₹2,239.05, up by ₹42.80, or 1.95%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 16, 2024 6:42 PM IST
