Gravita India may launch ₹1,000 crore QIP next week: Exclusive – CNBC TV18
Gravita India Ltd. is likely to lauch a Qualified Institutional Placement (QIP) in order to raise funds as early as next week, people with knowledge of the matter told CNBC-TV18.
The company is likely to raise ₹1,000 crore through the institutional share sale, the sources said.
The QIP is likely to see the equity dilution of 7% at a price of around ₹2,100 per share. The price is a 6.7% discount to the current market price.
On October 4 this year, Gravita India’s board had 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.
Shares of Gravita India are currently trading little changed at ₹2,253.6. The stock has doubled in value so far in 2024 with gains of close to 110%.
