Pitti Engineering raises ₹ 359.99 crore through QIP

Pitti Engineering, leading Engineering Company in the country, has successfully raised ₹ 35,999.99 lakhs through the qualified institutions placement (QIP).

The proceeds of the QIP would be used for repaying and/or prepaying certain borrowings availed by the Company and for other general corporate purposes. The issue was opened on 8th July 2024 and closed on 11th July, 2024 after its Fund Raising Committee approved the allotment of 34,14,749 equity shares to qualified institutional buyers at the issue price of ₹ 1054.25 per equity share.

Domestic and global institutional investors like SBI Mutual Fund, Aditya Birla Sunlife 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.

Shares of Pitti Engineering Limited was last trading in BSE at Rs. 1176.25 as compared to the previous close of Rs. 1156.60. The total number of shares traded during the day was 7525 in over 693 trades.

The stock hit an intraday high of Rs. 1184.85 and intraday low of 1156.00. The net turnover during the day was Rs. 8843528.00.

Source : Equity Bulls

Keywords

PittiEngineering INE450D01021 FundRaising QIP