Sunil Hitech raises Rs 81 Crores through QIP placement

Sunil Hitech Engineers Ltd has announced that the Company has successfully raised Rs 81 crores through Qualified Institutional Players (QIPs) route. A total of 22.50 lakh shares (face value of Rs 10/-) were placed with 5 top foreign and domestic institutional investors at Rs 360/- per share. Avendus Capital Pvt Ltd was the sole Global Co-ordinator & Lead Manager to the QIP.

Following this placement the equity shares capital of the Company has increased to Rs 12.28 crores from the existing Rs 10.03 crores. The market cap of the Company is around Rs 374 crores.

Speaking on the occasion, Mr. Ratnakar Gutte — Chairman & Managing Director, Sunil Hitech said, "The strong in flow of investments from top global investors clearly shows that we are on the right track and investors have full faith in our plans ahead. The funds raised will enable us to scale up the business at a faster pace".

Source : Equity Bulls

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