KEI Industries turns volatile after raising Rs 500 cr via QIP

KEI Industries informed that it raised Rs 500 crore through the qualified institutional placement (QIP) of shares.

Shares of KEI Industries fell 1.58% to Rs 567.60 amid profit booking. The stock rose 11.35% in four sessions to close at Rs 576.70 on Tuesday from its close of Rs 517.90 on 22 January 2020.

The QIP opened on 23 January and closed on 28 January 2020. The floor price was set at Rs 518.14 per equity share.

In an exchange filing made after market hours yesterday, the company informed that it allotted 1 crore shares at an issue price of Rs 500 per equity share upon the closure of the issue. The final issue price was 3.5% discount to the QIP floor price.

The company issued shares to investors such as L&T Mutual Fund, ICICI MF, DSP MF and Tata AIA Life Insurance Company.

On a consolidated basis, KEI Industries reported a 50.4% rise in net profit to Rs 72.52 crore on a 20.8% jump in net sales to Rs 1314.22 crore in Q3 December 2019 over Q3 December 2018.

KEI Industries is a cable manufacturing company. It offers high and low tension cables, control and instrumentation cables, house wires and stainless steel wires, and high-technology specialty cables.

Powered by Capital Market - Live News