Rajoo Engineers Raises Rs 160 Cr via QIP

Mumbai, Jul 23 (PTI) Plastic extrusion machinery manufacturer Rajoo Engineers Ltd has raised Rs 160 crore through a qualified institutional placement issue, driven by strong demand from both domestic and global investors, the company said on Wednesday.

Morgan Stanley Asia (Singapore), HDFC Bank, Rajasthan Global Securities, Moneywise Financial Services, Credit Access Life Insurance Limited, BNP Paribas Financial Markets - ODI are among the institutional investors that participated in the issue, the company said in a statement.

"The QIP was executed through the issuance of 1,46,78,900 equity shares at Rs 109 per share (face value Re 1 each). The QIP issue closed on July 21," it added.

Foreign Institutional Investor (FII) holding has increased to 3.8 per cent and domestic institutional investor (DII) holding has risen to 4.46 per cent post-issue.

"This successful fundraise of Rs 160 crore marks a significant milestone in our journey. We are committed to leveraging this capital to further scale our operations and create long-term value for our stakeholders," Rajoo Engineers Managing Director Khushboo Doshi said.

The company plans to utilise the net proceeds to pursue inorganic growth through strategic acquisitions aimed at expanding scale, product offerings and market presence.