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SRF sets QIP floor price at Rs 4168.73 per share

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.

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