Laxmi Organic dips 5% after raising Rs 259 crore via QIP issue

The fund raising committee, at its meeting held on October 10, 2023, approved the allotment of 9.63 million equity shares of face value of Rs 2 at an issue price of Rs 269.20 per share

Share of Laxmi Organic Industries (LOIL) dipped 5 per cent to Rs 286.40 on the BSE in Thursday's intraday trade after the company approved the allotment of nearly 10 million equity shares at an issue price of Rs 269.20 per share. The stock of the diversified chemicals manufacturer had rallied 12 per cent on the BSE on Wednesday.

In an exchange filing, LOIL announced the successful completion of its fund-raise of Rs 259 crore through qualified institutions placement (QIP) of its equity shares. The fund raising committee, at its meeting held on October 10, 2023, approved the allotment of