RatnaVeer Launches QIP to Raise ₹211 Cr

New Delhi, Dec 2 (PTI) RatnaVeer Precision Engineering Ltd has launched a Qualified Institutional Placement (QIP) issue to raise up to Rs 211 crore, according to an exchange filing.

The QIP issue comprises a base issue of up to Rs 150 crore and a green-shoe option of up to an additional Rs 61 crore, the filing stated.

The fund raising committee of the board has approved the floor price at Rs 152.46 per equity share, which is nearly 4 per cent discount to Monday's closing price of Rs 158.10 per share.

The indicative issue price or cut-off price is Rs 145 per share, representing a nearly 5 per cent discount to the floor price, according to a company statement.

The company plans to use proceeds from the QIP issue to meet working-capital requirements and general corporate purposes.

RatnaVeer Precision Engineering Limited is a leading provider of precision-engineered components for the automotive, aerospace, and industrial sectors, with a strong focus on quality and innovation.

Shares of the company were trading 0.38 per cent down at Rs 157.50 per share on BSE.