Steel products maker Adhunik Metaliks today said it will raise over Rs 137.13 crore by issuing around 1.39 crore shares to qualified institutional buyers (QIB).
The committee of the board of directors at its meeting on Friday decided to allot 1,39,60,400 equity shares at a price of Rs 98.23 per piece to the qualified institutional buyers, Adhunik Metaliks informed in a regulatory disclosure.
The committee also decided to close the bid for the QIB issue on November 20, it said.
The company manufactures steel products, including auto steels, bearing steels, spring steels, carbon steels, cold heading steels, shape steels, free cutting steels and stainless steel.
It also manufactures alloy steel, engineering quality steel, forging quality steel and special steel, which find application in auto components and ancillaries customised to respective customer needs.
Shares of the company closed at Rs 99.25, down 1.68 per cent from the previous close on the BSE.
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