KEI Industries shares climb 5% post launch of QIP issue

The company said it has launched a qualified placement of shares on Thursday and fixed floor price of Rs 518.14 per share.

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SI Reporter Mumbai

2 min read Last Updated : Jan 24 2020 | 12:57 PM IST

Shares of KEI Industries jumped 5 per cent to Rs 547 on the BSE on Friday, after the cable maker undertook the issue of equity shares on a qualified institutions placement (QIP) basis.

The company said it launched a qualified placement of shares on Thursday and fixed the floor price of Rs 518.14 per share. It plans to raise up to Rs 500 crore from the issue.

The amount raised will be used for the pre-payment and / or repayment of outstanding indebtedness (whether in whole or in part), funding the long term growth of existing businesses and

Topics : KEI Industries Buzzing stocks Markets

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