Spentex Industries allots equity shares to QIBs

Spentex Industries Ltd has announced that the Company has allotted 75 lakh equity shares to QIBs (Qualified institutional Buyers) under the provisions of Chapter XIII-A of the SEBI DIP Guidelines. This is the first Qualified Institutional Placement (QIP) by any Indian company after the fresh guidelines were notified by SEBI. The Company has raised Rs 465.90 million through the QIP, at a price of Rs 62.13 per share. Edelweiss Capital Ltd was the sole lead manager on the placement.

The shares have been allotted to Sundaram Mutual Fund, Goldman Sachs Investments (Mauritius) Ltd, Voyager Fund (Mauritius) Ltd and Nikko Asset Management (Mauritius) Ltd. The funds raised through QIP are intended to be used for further expansion through strategic alliances including acquisitions.

Source : Equity Bulls

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