KEI Industries rose 2.35% to Rs 535 after the company's board approved raising of funds by way of issue of equity shares through a qualified institutional placement (QIP).
The stock has traded in the range of Rs 531.50 and Rs 538.35 so far during the day.
The company's fund raising committee authorised the opening of the QIP on 23 January 2020 and approved a floor price of Rs 518.14 per equity share for the QIP based on the pricing formula as prescribed under SEBI Issue of Capital and Disclosure Requirements (ICDR) Regulations.
The fund raising committee of the housing wire and cable maker will meet will meet on or after 28 January 2020 to consider and approve the issue price, including a discount of not more than 5% on the floor price.
On a consolidated basis, KEI Industries reported a 50.4% rise in net profit to Rs 72.52 crore in Q3 December 2019 over Q3 December 2018. Net sales stood at Rs 1314.22 crore in Q3 December 2019 as against Rs 1088.18 crore in Q3 December 2018, registering a rise of 20.8%.
KEI Industries is a cable manufacturing company. It offers high and low tension cables, control and instrumentation cables, house wires and stainless steel wires, and high-technology specialty cables.
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