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Amber Enterprises India raises Rs 400 cr via QIP

Capital Market 

The board of Amber Enterprises India approved allotment of 22,47,191 equity shares to eligible qualified institutional buyers at an issue price of Rs 1,780 per equity share, aggregating to approximately Rs 400 crore.

The qualified institutions placement (QIP) of equity shares opened on 7 September 2020 and closed on 10 September 2020. The announcement was made after market hours yesterday, 10 September 2020.

On a consolidated basis, Amber Enterprises India reported net loss of Rs 23.92 crore in Q1 June 2020 compared to a net profit of Rs 64.33 crore in Q1 June 2019. Net sales tanked 79% to Rs 259.45 crore in Q1 June 2020 over Q1 June 2019.

Amber Enterprises India is a solution provider for air conditioner OEM/ODM industry. The company has diversified portfolio which includes RACs, RAC components and air conditioning solutions for railways, metro's, defence, bus & commercial segment. The company has 15 manufacturing facilities across 6 locations in India, strategically located close to customers enabling faster turnaround.

Shares of Amber Enterprises India dropped 5.91% to Rs 1,787.95. The scrip is 10.48% below its 52-week high of Rs 1,997.40 hit on 8 September 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, September 11 2020. 10:52 IST