Dwarikesh Sugar raises Rs 59 crore throuh QIP

Dwarikesh Sugar Industries today said it has raised Rs 59.39 crore by selling equity shares through qualified institutional placement (QIP).
In a filing to the BSE, the company informed that the securities issue committee at its meeting held today approved the closure of the bidding process under the QIP. The QIP was opened on September 20.
It approved the issue price of Rs 236.11 apiece after giving discount of Rs 12.42 per share to the floor price of Rs 248.53 per share.
The committee also approved the issue of confirmation of allocation note (CAN) for the allocation of 25,15,471 shares to qualified institutional buyers.

Dwarikesh Sugar share price settled at Rs 257 apiece on the BSE, down 1.66 per cent from its previous close.
The QIP was approved by the Board of Directors of the Company on May 24 this year. The shareholders had given approval to raise up to Rs 200 crore.
Promoters had 48.32 per cent stake in the company as on June 30, 2016.
Dwarikesh Sugar Industries Ltd is engaged in manufacturing of sugar and allied products. The company has two plants in Bijnor district and one in Bareilly district of Uttar Pradesh with a combined capacity to crush 21,500 tons of sugarcane per day.