The board of KEI Industries has approved the issue of 52.63 lakh equity shares to 104 qualified institutional buyers. The issue price of the QIP has been fixed as ₹3,800 per share, which is a 2.1% discount to the QIP floor price of ₹3,880.54 per share.
Most of the funds, who have been issued more than 5% of the shares on offer in this institutional share sale are domestic funds, prominent among them being Motilal Oswal, Kotak and ICICI Prudential. Interestingly, Kotak Mutual Fund, through its various schemes, has received more than quarter of the shares on offer in the QIP.
| Fund | % Of QIP |
| ICICI Prudential MF (Various Schemes) | 13 |
| Kotak MF (Various Schemes) | 27.5 |
| Government Pension Fund Global | 5.15 |
| Motilal Oswal Midcap Fund | 13 |
Post the allotment of equity shares in the QIP, the total paid-up equity share capital of the company stands at ₹19.11 crore, comprising of 9.55 crore equity shares.
KEI Industries had launched the QIP on November 25 to raise these funds.
In a post-earnings interaction on October 16, Anil Gupta of KEI Industries had told CNBC-TV18 that the proceeds raised through the QIP will be used to fund capex plans of the company.
KEI Industries spent ₹300 crore as capex in the first half of the current financial year, and another ₹600 crore to ₹700 crore will be spent in the second half for the Sanand plant.
The company has also planned a capex between ₹800 crore to ₹900 crore for the next financial year.
Shares of KEI Industries ended 0.3% lower on Thursday at ₹4,305. The stock is down 15% from its recent peak of ₹5,039. Yet, the stock is up 35% so far in 2024.
