You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

SRF sets QIP floor price at Rs 4168.73 per share

Capital Market 

The specialty chemicals maker launched a qualified institutional placement (QIP) of shares on Monday (12 October 2020).

The floor price has been set at Rs 4168.73 per equity share for the QIP, which is at a 4.58% discount to Monday's closing price of Rs 4368.85 per share.

In its draft placement document filed with the bourses, SRF said: "Our company proposes to utilize the net proceeds for funding suitable organic and inorganic growth opportunities, ongoing capital expenditure, other long term and short terms requirements, pre-payment and/or repayment of outstanding borrowings, general corporate purpose, or any other purposes, as may be permissible under applicable law and approved by our board or its duly constituted committee."

SRF on 31 August 2020 had said that its board approved raising upto Rs 1000 crore through equity and debt. The board approved raising upto Rs 750 crore through qualified institutional placement of equity shares and upto Rs 250 crore through private placement of listed redeemable secured non-convertible debentures.

On a consolidated basis, SRF's net profit declined 6.4% to Rs 177.09 crore on a 12.6% fall in net sales to Rs 1513.12 crore in Q1 FY21 over Q1 FY20.

SRF is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

The scrip rose 0.14% to Rs 4375 on the BSE. It traded in the range of 4346.65 and 4375 so far during the day.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 13 2020. 09:22 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU