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Phillips Carbon Black closes QIP issue, raises Rs 400 cr

Capital Market 

The company closed its qualified institutional placement (QIP) issue on Tuesday and raised Rs 400 crore by issuing over 1.63 crore shares at Rs 244 each.

The qualified institutions placement (QIP) issue opened on 30 September 2021 and closed on 5 October 2021.

The board approved the allocation of 1,63,93,442 equity shares at an issue price of Rs 244 each, which is at a discount of 4.63% to the floor price of Rs 255.85 a share. The gross proceeds from this issue aggregates to approximately Rs 399.99 crore.

The company proposes to utilize the proceeds towards ongoing and future capital expenditure requirements. The proceeds will be also utilised towards working capital requirements, debt repayment and general corporate purposes.

Phillips Carbon Black is the largest carbon black producer in India by capacity. On a consolidated basis, the company's net profit soared 4092.37% to Rs 104.39 crore on 179.21% spurt in net sales to Rs 1,003.85 crore in Q1 FY22 over Q1 FY21.

Shares of Phillips Carbon Black were down 1.31% at Rs 264.55. The stock hit a high of Rs 274 and a low of Rs 263.15 so far.

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

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First Published: Wed, October 06 2021. 13:52 IST