PG Electroplast hits QIP route to raise Rs 500 crore, shares trade 3% higher

PG Electroplast shares have given 61 percent returns since January 1 and almost 100 percent returns in the last one year.

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PG Electroplast shares were up 3 percent at Rs 1,840.55 at 9.20am on August 29 after the company announced raising Rs 500 crore through QIP.

The floor price for the qualified instituitional placement is set at Rs 1,641.09 per share.

Sources told CNBC-TV18 that the QIP proceeds will be utilised for funding capex as well as working capital. The indicative issue price of Rs 1,560 per share is at a discount of up to 13 percent to its last closing price. Implied dilution from this QIP is likely to be 14 percent of the company’s current outstanding equity. Based on the company’s June quarter shareholding pattern, promoters of the company held 61.2 percent stake.

QIP is a way through which funds are raised by a company. Unlike an IPO or a FPO, only qualified institutional players are allowed to take part.

PG Electroplast shares have given 61 percent returns since January 1 and almost 100 percent returns in the last one year.

The company’s net profit almost doubled to Rs 34 crore Year-on-Year (YoY) in the April-to-June quarter. Revenue for the company increased 26 percent YoY to Rs 678 crore in the same period.

PG Electroplast offers manufacturing services to original equipment manufacturers of consumer electronics products. The Company assembles television sets and components, air conditioner sub-assemblies, DVD players, and compact fluorescent lamps.

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