Pitti Engineering raises Rs 359.99 cr through QIP
Summary
Hyderabad, July 13 (UNI) Pitti Engineering, a leading engineering company in the country, has successfully raised Rs 359.99 crore through the qualified institutions placement (QIP).The proceeds from the QIP will be used to repay and/or prepay certain borrowings availed by the company and for other general corporate purposes. The issue was opened on July 8 and closed on July 11, following approval from its Fund-Raising Committee for the allotment of 34,14,749 equity shares to qualified institutional buyers at an issue price of Rs 1054.25 per equity share.Domestic and global institutional investors, including SBI Mutual Fund, Aditya Birla Sun Life 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, according to a company statement on Saturday.UNI VV CS1758