SRF hits a fresh record high on successful fundraising through QIP issue

ICICI Prudential Mutual Fund, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, Nippon Life India Asset Management, and SBI Mutual Fund have allotted shares in QIP.

Shares of SRF hit a fresh record high of Rs 4,523.80, up 2 per cent on the BSE in the early morning deal on Monday after the company successfully raised Rs 750 crore from the institutional investors through qualified institutional placement (QIP).

The stock surpassed its previous high of Rs 4504 touched on Friday. In the past two weeks, it has outperformed the market by gaining 10 per cent, as compared to a 3.3 per cent rise in the S&P BSE Sensex last week.

SRF said the QIP Committee at its meeting held on October 17, 2020, approved allotment of 1.76 million