Astral Poly Technik raises Rs 241 crore via qualified institutional placement

NEW DELHI: Plumbing pipe major Astral Poly Technik today said it has raised Rs 240.88 crore through the qualified institutional placement (QIP).

The company in its annual general meeting held on August 25, 2014 had approved issue of shares for an aggregate amount not exceeding Rs 250 crore to qualified institutional buyers. It had fixed floor price for the QIP issue at Rs 423.70 per equity share.

In a BSE filing today, Astral Poly Technik said: "The securities committee of the company has approved the issuance of 59,84,519 equity shares at a price of Rs 402.52 per equity share (including a premium of Rs 401.52 per equity share), aggregating up to Rs 2,408.89 million, to qualified institutional buyers."

The issue opened on December 3, 2014 and closed today. Shares of Astral Poly Technik closed at Rs 422.70 per scrip at the end of day's trade on the BSE, up 0.09 per cent from its previous close.