business

Pitti Engineering raises ₹359.99 crore via QIP

On Jul 13, 2024 By The Hindu Bureau

Pitti Engineering Ltd. said it had raised ₹359.99 crore through the qualified institutions placement (QIP).

“The proceeds of the QIP would be used for repaying and/or prepaying certain borrowings availed by the company and for other general corporate purposes,” it said in a statement.

The issue opened on July 8 and closed on July 11 after its fund raising committee approved the allotment of 34,14,749 equity shares to qualified institutional buyers at the issue price of ₹1,054.25 per equity share.

The company said domestic and global institutional investors like SBI Mutual Fund, Aditya Birla Sunlife Mutual Fund, HSBC Mutual Fund, Franklin India Smaller Companies Fund, Motilal Oswal Small Cap Fund and Kotak Mahindra Life Insurance Company participated in the QIP.

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