Speciality Chemicals maker SRF Ltd on Monday launched a so-called qualified institutional placement (QIP) offering to raise as much as Rs750 crore from institutional investors.
The company informed stock exchanges that the floor price for the share sale has been set at Rs4168.73 per share, as per a Sebi prescribed formula.
On Monday, SRF’s shares closed trading at Rs4,368.85, up 2.37% on the NSE while the benchmark Sensex closed at 40,593.8 points, up 0.21%.
According to a person aware of the details of the company’s fundraising exercise, SRF is looking to sell the shares in the price range of Rs4,200-4,250 per share.
Investment banks Axis Capital and Kotak Mahindra Capital are advising the company on the share sale.
The company plans to use the proceeds of the share sale for funding suitable organic and inorganic growth; ongoing capital expenditure and pre-payment and/or repayment of outstanding borrowings.
