EPIGRAL Ltd raises Rs 333 crore via QIP issue
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Epigral Ltd (formerly known as Meghmani Finechem Ltd), India’s leading integrated chemical manufacturer today announced successful completion of its Qualified Institutional Placement (QIP) by raising Rs 333.05 crore at an issue price of Rs 2,093.13 per share.
The QIP witnessed sizable interest from marquee players like HSBC AMC, Bandhan AMC, HDFC AMC, ITI AMC, Morgan Stanley and many other institutions.
The chemical major will be deploying these funds to support the company’s growth plans. The equity capital will further help Epigral to further strengthen its financial position while expanding its market presence.
The company issued 15.91 lakh shares at Rs 2,093.13 per share to raise Rs 333.05 crore. Following these fresh issuance of equity shares to QIPs, the total outstanding equity shares (fully diluted) post allotment stood at 4.31 crore shares from 4.16 crore shares.
Commenting on the QIP success, Maulik Patel, Chairman and Managing Director of Epigral Ltd said, "We are thrilled to inform that we have received tremendous response from many marquee institutions, reflecting their confidence in our business and future growth potential. The proceeds from QIPs will be invested in the growth plans of the company.
We are geared up to have volume growth based on the capex that we did in recent years and also we will be doing further capex to bring consistent growth and creating value for all our stakeholders,” Mr Patel added
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