FIIs, fund houses acquire stake in Texmaco through QIP

A clutch of foreign and domestic institutional investors and mutual funds have acquired stakes in engineering firm Texmaco through the recently completed Rs 179.56-crore qualified institutional placement (QIP).

Texmaco placed 1.64 crore equity shares of Re 1 each with institutional investors at Rs 104 per share. In a media statement issued on Tuesday, K K Birla group company Texmaco said its QIP was over subscribed and mopped up Rs 170.56 crore. ICICI Securities acted was the sole global co-ordinator for the issue.