Shree Cement closes QIP issue

The cement maker allots 12.43 lakh equity shares to qualified institutional buyers at Rs 19,300 each.

Shree Cement announced on Saturday, 23 November 2019, that the qualified institutional placement (QIP) committee approved the allotment of 12.43 lakh equity shares of Rs 10 each to qualified institutional buyers at an issue price of Rs 19,300 each, aggregating to Rs 2399.99 crore.

The QIP issue price of Rs 19,300 is at a discount of 2.56% or Rs 506.46 per equity share to the floor price of Rs 19,806.46.

The QIP opened on 19 November 2019 and closed on 22 November 2019. Post QIP issue, the paid-up equity share capital of the company stands increased to Rs 36.08 crore, comprising 3.60 crore equity shares of Rs 10 each.

Shares of Shree Cement fell 0.35% to Rs 20,307.75 on Friday, 22 November 2019.

The company's consolidated net profit surged 414.4% to Rs 310.62 crore on a 5.2% increase in net sales to Rs 3,004.45 crore in Q2 September 2019 over Q2 September 2018.

Shree Cement is primarily an Indian cement manufacturer. It also produces and sells power under the name Shree Power and Shree Mega Power.

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