Belrise Industries launches ₹1,200 crore QIP; floor price fixed at ₹230.79 per share

Automotive components maker Belrise Industries Ltd on Tuesday (July 145) launched a Qualified Institutional Placement (QIP) to raise up to ₹1,200 crore, with an upsize option.The company has fixed the floor price at ₹230.79 per share for the issue. It may offer a discount of up to 5% on the floor price, implying an indicative issue price of ₹220 per share, which is 5.3% below the last closing price.

The QIP could result in an equity dilution of up to 5.78% of the company’s post-issue equity share capital.ALSO READ |

Stocks to Buy: This auto parts maker is already up 137% from its IPO price and HSBC sees further upsideBelrise Industries said the proceeds from the issue will be used for debt repayment, pursuing organic and inorganic growth opportunities, and meeting working capital requirements.

Pune-based Belrise Industries is an automotive component manufacturing company in India offering a diverse range of safety-critical systems. It is a manufacturing company in India that offers a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles.

The company manufactures a wide range of safety-critical systems and engineering solutions for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and agri-vehicles. Its customer base includes Bajaj, Honda, Hero, Jaguar Land Rover, Royal Enfield, VE Commercial Vehicles, Tata Motors, and Mahindra.

ALSO READ | Belrise Industries shares surge 12%; management says stake sold to comply with MPS norms

Shares of Belrise Industries Ltd ended at ₹232.30, down by ₹4.40, or 1.86%, on the BSE.