Pondy Oxides board approves opening of QIP issue at Rs 902.93/share

Pondy Oxides & Chemicals stated that its board has approved the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 902.93 per equity share.

The company's board authorized and declared the opening of the issue on Tuesday, 17 December 2024.

The floor price of Rs 902.93 is at a discount of 0.82% to the scrips previous closing price of Rs 910.35 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue. The issue price will be determined in consultation with the book running lead manager appointed for the issue.

Pondy Oxides said that it intends to use the net proceeds towards funding the working capital requirements of the company; for funding the capital expenditure that involves setting up a recycling and processing unit in Thiruvallur, Tamil Nadu; and for general corporate purposes.

Pondy Oxides & Chemicals is Indias leading recycling and manufacturing company and a pioneer in lead and lead alloys.

The companys standalone net profit surged 112.85% to Rs 17.39 crore in Q2 FY25 as compared with Rs 8.17 crore in Q2 FY24. Revenue jumped 45.73% to Rs 572.43 crore during the quarter as compared with Rs 392.80 crore posted in same quarter last year.

The scrip shed 0.70% to currently trade at Rs 904 on the BSE.

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