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CEAT proposes to raise Rs 400 cr via QIP


27 Nov 2014
CEAT, the flagship company of RPG Enterprises, on Wednesday said the Qualified institutional placement (QIP) committee of company has announced closure of the QIP, through which the company propose to raise Rs 400 crore.

The board of directors of the company, at its meeting held on August 26, 2014, had approved for the opening of the QIP on November 24, 2014.

The tyre maker, which intends to use fund for capacity expansion, will issue 44,94,382 equity shares at a price of Rs 890 per equity share.

JM Financial Institutional Securities Limited and Standard Chartered Securities (India) Limited are the Book Running Lead Managers to the QIP, while Khaitan & Co has acted as Domestic Legal Counsel to the Issue and Dorsey & Whitney LLP acted at International Legal Counsel to the Book Running Lead Managers.

Meanwhile, shares of company were trading at Rs 906.95 apiece, up 0.88 per cent, from previous close on BSE at 15:05 hours.
Source: Dion Global   Type: IPO Related