Ramkrishna Forgings launches QIP, may raise Rs 1,000 crore; stock trades flat

According to CNBC-TV18, the company aims to raise around Rs 1,000 crore through the QIP for reducing debt and for working capital requirements.

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Ramkrishna Forgings has launched a Qualified Institutional Placement (QIP) of shares, and could possibly raise Rs 1,000 crore through the issue, CNBC TV18 reported citing sources. In early trades on November 9, the stock was trading flat in early trades on November 9. At 9:30 am, the stock was at Rs 692.25.

In a late night exchange filing on November 8, Ramkrishna Forgings reported that it had received approval for the launch of the QIP. The company has fixed a floor price of Rs 644.46 per share. A meeting to discuss and announce the issue price has been scheduled for November 13.

Earlier, in October, Ramkrishna Forgings had got the board approval to raise up to Rs 1,000 crore through a QIP. At the time, the company did not specify its plans for the proceeds from the fund-raise.

Ahead of the QIP announcement, its stock ended at Rs 689 on November 8, falling 0.42 percent from the previous day. Over the last one year, the stock has nearly tripled from Rs 237.

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The funds may be used for reducing debt and for working capital requirements, the report said. The indicative price for the issue is at Rs 614 per share, a discount of 11.1 percent from Wednesday’s closing price.

Also read: Ramkrishna Forgings gains 2.5% on nod to raise Rs 1,000 crore through QIP

In Q2FY24, the auto ancillary manufacturer reported a net profit of Rs 82.20 crore for the quarter ending September 2023, up by 22.26 percent from the previous fiscal. Net sales for the same period also grew 19.05 percent to Rs 981.49 crore in September 2023. Earnings before interest taxes, depreciation and amortisation (EBITDA) grew 19.07 percent year-on-year to Rs 209.77 crore for the September 2023 quarter.

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