Deep Industries has raised a total amount of Rs 63.84 cr through QIB - Qualified Institutional Buyers. On this development, Deep Industries share price hit 52 week high on the NSE today. The QIP (Qualified Institutions Placement) Committee in their meeting held on 9th December, 2016, had approved the issue and allotment of 28,00,000 equity shares having a face value Rs 10 each to Qualified Institutional Buyers at the issue price of Rs 228 per equity share.
The funds raised are intended to be utilized to meet long-term working capital requirements leading to business growth. The shares were subscribed by Foreign Institutional Investors (FIIs) & Foreign Portfolio Investors (FPIs). Post the fund raise, the total equity of the firm increased to 3,20,00,000 equity shares having a Face Value of Rs 10 each and the promoter holding shall now be at 63.95 per cent.
Elara Capital (India) was the book running lead manager and Krishnamurthy & Company was the domestic legal counsel to the Issue. Squire Patton Boggs Singapore LLP was the international legal counsel in relation to the selling and transfer limitations.
At 11:18 am, Deep Industries share price was quoting at Rs 289.35, up 1.37 per cent on the NSE. The stock opened at Rs 285 from a previous closing of Rs 285.45.
Shareholding:
Paras Salva, Chairman & MD stated on the occasion that India was likely to see a rise in exploration activities in the Oil-Gas space. Deep Industries is looking forward to a healthy order book as it has many large clients.
According to Dynamic Levels analysts and researchers, Deep Industries belongs to the top 500 shares set for this quarter. It is a good stock for investment and Dynamic Levels market analysts and experts expect good returns from it. The stock has both strong financials and fundamentals.
In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to Deep Industries share price history.
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