KEI Industries Raises Rs 2,000 Crore Via Share Sale To Over 100 Institutions
Summary
KEI Industries Ltd. mopped up Rs 2,000 crore via qualified institutional placements at an issue price of Rs 3,800 per share, with two mutual funds picking up over 40% of the issue through multiple schemes.The issue price for the share sale was set at a discount of Rs 80.54 apiece to the floor price, according to the exchange filing by the company on Thursday.The electrical wires and cables manufacturer approved the issue and allotment of 52.6 lakh equity shares to 104 qualified institutional buyers.Post the share sale, the paid-up equity share capital rose to Rs 19.1 crore, consisting of 9.55 crore shares from Rs 18.05 crore consisting of 9.02 crore shares.Through multiple schemes, Kotak Mutual Fund mopped up over 27% of the issue while Motilal Oswal Midcap Fund picked up 13% in the QIP.