PI Industries hits record high on successful QIP issue; surges 8% in 2 days

Mutual Funds increased stake by more than four percentage points to 21.19 per cent in PI Industries, while FPIs hiked their holdings by nearly two percentage points to 13.82 per cent in June quarter

Shares of PI Industries hit a fresh all-time high of Rs 1,789, up 3.5 per cent in the intra-day trade, on the BSE on Friday. The stock has surged 8 per cent in the past two days after the company successfully raised Rs 2,000 crore via qualified institutional placements (QIP).

The agro-chemical firm on Wednesday said the company has fixed issue price at Rs 1,470 per share, about 4 per cent lower than the floor rate, for sale of shares to institutional investors.

PI Industries has received a strong response from institutional investors for its QIP issue. According to the latest shareholding