Sheela Foam stock gains on raising Rs 1,200 crore from QIP

Shares of Sheela Foam jumped nearly 3 percent in early trade on September 26 after completion of its qualified institution placement.

At 9:17am, the Sheela Foam stock was trading 2.32 percent higher at Rs 1156.05 on the NSE.

The polyurethane foams manufacturer closed its qualified institutions placement (QIP) on September 25, and allocated 1.1 crore equity shares at an issue price of Rs 1,078 per share, which was at a discount of 4.94 percent to the floor price of Rs 1,133.99. The company raised Rs 1,200 crore from the QIP, according to a filing with the BSE.

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Shareholding pattern in Sheela Foam

Promoters hold the majority 72.95 percent stake in the company. DIIs and FIIs hold 21.95 percent and 3.21 percent stake in the company, while the remaining 1.89 percent stake is held by the public.

Also Read: Sheela Foam launches QIP issue, floor price at Rs 1,133.99 per share; stock reacts positively

Stock performance

The Sheela Foam stock delivered a return of 13.07 percent over the last six months. In comparison, the benchmark Nifty50 index surged by 15.83 percent over the same duration.

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