Rajoo Engineers to raise ₹180 crore via QIP issue
The company's board had approved the opening of the issue of qualified institutional placement (QIP) of equity shares with the floor price of ₹114.42 per equity share.
On July 14, the closing price of the equity shares on the BSE was ₹131.20 and ₹131.15 per equity share on NSE.
The proceeds of up to ₹160 crore from the QIP will be deployed for expansion of business through inorganic growth to accelerate the company's growth plans and remaining proceeds towards general corporate purpose.
The company which specialises in Blown Film Lines, Sheet Extrusion Lines, Thermoforming Machines and PVC Pipe Extrusion Solutions has presence in over 70 countries. It is listed on the BSE and NSE. Operating from Rajkot, Gujarat, the company offers over 26 products across six segments in plastic processing. GYR Capital Advisors Private Ltd. is the Book Running Lead Managers (BRLMs) to the QIP issue.
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