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Sona BLW Precision Forgings surges on raising Rs 2400 crore through QIP
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Sona BLW Precision Forgings is currently trading at Rs. 710.50, up by 10.75 points or 1.54% from its previous closing of Rs. 699.75 on the BSE.
The scrip opened at Rs. 711.40 and has touched a high and low of Rs. 718.55 and Rs. 703.90 respectively. So far 11021 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 764.75 on 15-Jul-2024 and a 52 week low of Rs. 489.00 on 25-Oct-2023.
Last one week high and low of the scrip stood at Rs. 751.00 and Rs. 686.00 respectively. The current market cap of the company is Rs. 41038.41 crore.
The promoters holding in the company stood at 29.71%, while Institutions and Non-Institutions held 61.54% and 8.76% respectively.
Sona BLW Precision Forgings (Sona Comstar), has completed its Rs 2,400 crore Qualified Institutions Placement (QIP). The issue garnered strong interest from institutional investors and sovereign wealth funds, resulting in over 5.5 times subscriptions, underscoring investors' confidence in the company’s strategic vision and growth strategies.
The QIP opened on September 4, 2024 and closed on September 9, 2024. Sona Comstar issued 34,782,608 equity shares to qualified institutional buyers (QIBs) at an issue price of Rs 690 per equity share, including a premium of Rs 680 per equity share. Some of the largest investment managers, such as SBI Mutual Fund, ICICI Prudential Mutual Fund, White Oak, Goldman Sachs Asset Management, Axis Mutual Fund, Aditya Birla Mutual Fund, Norges, BNP Paribas Fund, Fidelity International, Franklin Templeton and Fidelity Management & Research, amongst others, participated in the QIP, a positive reflection on the company's long-term growth prospects. The proceeds from the QIP will further bolster the company’s capital structure to support its organic and inorganic growth strategies.
Sona BLW Precision Forgings is one of the leading automotive technology companies in India. It is primarily engaged in designing, manufacturing, and supplying high-quality mission-critical automotive components such as differential assemblies, gears, conventional and micro-hybrid starter motors, etc.
