Gravita India opens QIP today, sets floor price at ₹2,206.49 per share – CNBC TV18
Recycling player Gravita India Ltd opened its qualified institutional placement (QIP) issue on Monday (December 16), setting a floor price of ₹2,206.49 per equity share.
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The company will retain the option to offer a discount of up to 5% on the floor price. The Fund Raising Committee approved the preliminary placement document and authorised the issue during its meeting on December 16, 2024.
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.
Also Read: Gravita India targets 22-27% volume growth this year amid policy changes and market adjustments
The QIP is likely to see an 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 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.
Also Read: Gravita India to acquire its first recycling facility in Europe
Shares of Gravita India Ltd ended at ₹2,239.05, up by ₹42.80, or 1.95%, on the BSE.
(Edited by : Shoma Bhattacharjee)
