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Gravita India shares gained 5.8 per cent in Tuesday's trade and recorded an intraday high at Rs 2,370 per share on BSE. The buying in the stock came a day after the company launched its qualified institutional placement (QIP)
Around 9:23 AM, Gravita share price was up 5.08 per cent at Rs 2,352.75 per share on BSE. In comparison, the BSE Sensex was down 0.26 per cent at 81,533.13. The market capitalisation of the company stood at Rs 16,242.90 crore. The 52-week high of the stock was at Rs 2,699.85 per share and the 52-week low was at Rs 730.95 per share.
The board approved the floor price of the QIP at Rs 2,206.49 per share which implies a 1.4 per cent discount on Monday's closing of Rs 2,239.05 per share.
"We further wish to inform you that the Fund Raising Committee has fixed the ‘Relevant Date’ for the purpose of the QIP, in terms of Regulation 171 of the SEBI ICDR Regulations as December 16, 2024, and accordingly the floor price in respect of the QIP, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 2,206.49 per equity share," the filing read.
On October 4, the company's board had given a nod to raising funds up to an aggregate amount of Rs 1,000 crore through a private placement including one or more QIP or further public issue of equity/ debt securities, preferential issue or a rights issue or through any other permissible mode under applicable laws and/ or a combination thereof.
Gravita India is an Indian multinational company specialising in recycling and manufacturing, with operations spanning over 70 countries. Established in 1992, Gravita focuses on sustainable recycling of lead, aluminum, plastics, and other materials while also offering turnkey solutions and consultancy services for industries. The company procures high-grade scrap materials such as battery scrap, aluminum scrap, and plastic scrap, ensuring efficient recycling processes.
Gravita operates multiple recycling plants across India and international locations, including Mozambique, Netherlands, Tanzania, Sri Lanka, Senegal, Ghana, and Togo. It is one of India's largest lead producers, with products like pure lead, lead alloys, aluminum alloys, and plastic granules forming its key offerings. The company also assists organisations in complying with policies like Extended Producer Responsibility (EPR) and battery waste management. Gravita is committed to sustainability through environmentally responsible practices and robust ESG frameworks, promoting a circular economy.
In the past one year, Gravita shares have gained 113 per cent against Sensex's rise of 14 per cent.
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