Marquee global long-term investors subscribe to Deepak Fertilisers' QIP

Deepak Fertilisers And Petrochemicals Corporation Limited (BSE: 500645; NSE: DEEPAKFERT), one of India's leading producers of industrial chemicals, mining chemicals and fertilisers ('DFPCL' or the 'Company'), successfully raised Rs. 510 Crores through a Qualified Institutions Placement ('QIP') of equity shares.

Leading investors from India and the globe have participated in the issue which includes Smallcap World Fund, Government Pension Fund Global, Axis Mutual Fund, Fidelity, Avendus and Societe Generale among others.

This is a significant milestone in DFPCL's history, since it represents the company's first external equity fund raising since its first public offering in 1982. The QIP saw a strong response from long only institutional investors including 2 of the leading global FIIs - Smallcap World Fund and Fidelity.

Commenting on this development, Mr. Sailesh C. Mehta, Chairman & Managing Director said: "The Investments made by the global long term marquee investors has happened post their intense analysis of our operations and growth plans. Their investments are a pleasing validation of the positivity of our Strategic Directions.

Meanwhile, strong progress at the ground levels continues on: 1] Capturing in the Valuechain, a key Raw Material, Ammonia, by way of a global scale project at Taloja, next door to the consuming downstream complex; 2] Leveraging on the hugely growing Mining needs emerging from the India's Growth Story, by setting up a global scale Technical Ammonium Nitrate (TAN) project."

Shares of Deepak Fertilizers and Petrochemicals Corporation Limited was last trading in BSE at Rs. 409.05 as compared to the previous close of Rs. 419.15. The total number of shares traded during the day was 23009 in over 930 trades.

The stock hit an intraday high of Rs. 420.00 and intraday low of 407.05. The net turnover during the day was Rs. 9514141.00.

Source : Equity Bulls

Keywords

DeepakFertilizersandPetrochemicalsCorporation INE501A01019 Chemicals Fertlisers QIP FundRaising MarqueeInvestors