Rajoo Engineers QIP: Plastic company to raise ₹180 crore via QIP; date, price, other details
The floor price was set at a discount to the closing price on July 14. The stock had settled at ₹ 131.20 on the BSE and ₹ 131.15 on the NSE.
As per the exchange filing, the company said it may provide a discount of up to 5% on the established floor price for this issue. The final issue price will be decided by the company in collaboration with the book-running lead manager assigned to the issue.
The QIP is expected to generate up to ₹ 16,000 lakh, with funds earmarked for business expansion through inorganic growth to propel Rajoo Engineers Ltd.'s development initiatives, along with some funds allocated for general corporate purposes.
GYR Capital Advisors Private Limited has been designated as the Book Running Lead Manager (BRLM) for the QIP.
Rajoo Engineers specialises in manufacturing machinery for plastic extrusion, focusing on Blown Film Lines, Sheet Extrusion Lines, Thermoforming Machines, and PVC Pipe Extrusion Solutions.
With more than 38 years of experience, the company boasts a significant global footprint across over 70 countries, which enhances its market credibility. Based in Rajkot, Gujarat, Rajoo Engineers provides more than 26 products spanning six segments, promoting innovation and sustainability in the field of plastic processing technology.
Rajoo Engineers share price today opened at ₹ 133.90 apiece on the BSE; the stock touched an intraday high of ₹ 134.55 per share, and an intraday low of ₹ 130.50 per share.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Rajoo Engineers' share price is a newly listed stock, so due to limited technical data, a concrete view is not available. 'However, considering the recent price action, the stock yesterday formed a bearish engulfing, and this was followed by a bearish island reversal gap in today's session. The bearish gap around ₹ 136 is likely to act as resistance, whereas prices can dip towards the 89ema at ₹ 124,' said Bhosale.
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