Goodluck India Raises Rs 200 Crore via QIP | Steel Maker News

New Delhi, Jan 18 (PTI) Steel products maker Goodluck India Ltd on Thursday said it has raised around Rs 200 crore through issue of equity shares on Qualified Institutional Placement (QIP) basis.

Its board on Wednesday approved the issue and allotment of 21,27,659 equity shares to Qualified Institutional Buyers (QIBs) at an issue price of Rs 940 per share at a premium of Rs 938 per share, aggregating to nearly Rs 200 crore, the company said in a statement.

Goodluck India successfully raised nearly Rs 200 crore in the QIP round, it said.

MC Garg, Chairman of Goodluck India, said, "The recently concluded round of fundraising is well in line with the company's growth strategy."

The company also floated a wholly-owned subsidiary, Goodluck Defense and Aerospace Private Limited, which will cater to the extensive needs of the defence and aerospace industries.

Goodluck India manufactures a wide range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (cold rolled) products and GI (galvanised iron pipes) pipes.

These products are used by automobile manufacturers, infrastructure companies, industries like engineering, oil and gas, among others.