JK Tyre successfully raised Rs.500 crore through QIP

JK Tyre & Industries Limited, one of the leading tyre manufacturers in India has successfully concluded its fund-raising plans of Rs.500 crore by way of Qualified Institutional Placement (QIP).

QIP was priced at Rs.345 per share (including a premium of Rs.343 per share with face value of Rs.2 per share)

QIP received overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors.

Dr. Raghupati Siaghania, Chairman and Managing Director, JK Tyre said; "We are pleased to have successfully completed QIP of Rs. 500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the Company's growth story.

QIP funds will be used for the purpose of growth capex and strengthening of the balance sheet".

Emkay Global Financial Services Ltd managed the issue as sole Lead Manager.

Shares of JK Tyre & Industries Limited was last trading in BSE at Rs. 393.25 as compared to the previous close of Rs. 398.35. The total number of shares traded during the day was 90013 in over 3177 trades.

The stock hit an intraday high of Rs. 402.00 and intraday low of 391.25. The net turnover during the day was Rs. 35835370.00.

Source : Equity Bulls

Keywords

JKTyreandIndustries INE573A01042 FundRaising QIP