Rajoo Engineers Ltd Launches Rs 180 Crore QIP for Strategic Growth
Rajoo Engineers Ltd is set to raise Rs 180 crore via a QIP issue. The company seeks to invest Rs 160 crore for business expansion and the rest for corporate purposes. The offer price is Rs 114.42 per share, with the issue closing on July 21.
- Country:
- India
Rajoo Engineers Ltd, a prominent plastic extrusion machinery manufacturer, has announced its plan to raise Rs 180 crore through a qualified institutional placement (QIP) issue. This strategic financial move is reflected in a recent exchange filing.
The Rajkot-based company's board has sanctioned the start of the QIP issue, with equity shares offered at a floor price of Rs 114.42 each. The placement commenced on July 15 and is set to conclude on July 21. Notably, the company may allow a discount of up to 5% on the floor price.
From the Rs 180 crore raised, Rs 160 crore has been earmarked for strategic business expansion, particularly through inorganic growth avenues, while the balance will address general corporate needs. For the fiscal year 2024-25, Rajoo Engineers reported a revenue of Rs 253.65 crore and a profit after tax of Rs 38.11 crore.
(With inputs from agencies.)
Google News