Kalpataru Power Transmission raises approximately Rs 450 crores through QIP Issue

Kalpataru Power Transmission Ltd (KPTL), a leading global EPC player in power Transmission & distribution sector, announced that it has successfully raised approximately Rs. 450 crores (US$ 101 million) through a Qualified Institutional Placement (QIP) under chapter VIII of SEBI (Issue of capital and disclosure requirements) regulations 2009. The shares have been placed at a price of Rs. 1074.20 per equity share.

The proceeds from the QIP are expected to be utilized for capacity expansion of tower manufacturing for the transmission sector along with investments in BOOT projects and other long term initiatives.

Commenting on the QIP, Mr. Manish Mohnot, Executive Director said "Given our historical performance and the opportunities in the infrastructure sectors we saw a good demand from long term institutional players in the QIP. We will utilize the issue proceeds to create additional growth opportunities for the group in our existing areas of expertise namely power transmission, oil & gas contracting, civil contracting and agricultural logistics."

The stock was trading at Rs.1070, down by Rs.3.25 or 0.30%. The stock hit an intraday high of Rs.1075 and low of Rs.1050.

The total traded quantity was 12975 compared to 2 week average of 17555.

Source : Equity Bulls

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