HSIL completes raising Rs 150 cr through share placement
Sanitaryware maker HSIL on Monday said it has raised Rs 150 crore by placing shares to qualified institutional investors.
By PTI |
NEW DELHI: Sanitaryware maker HSIL on Monday said it has raised Rs 150 crore by placing shares to qualified institutional investors.
The company said the fund will be utilised on expanding capacities of its existing facilities.
"HSIL has concluded the capital raising exercise of Rs 150 crore through private placement of 1.10 crore shares at a price of Rs 136.10 per share," the company said in a statement.
The primary investors in the QIP include Legg Mason Global Funds PLC, Blackstone GMO and Calpers from the US, Royal Bank of Scotland, Jupiter Asset Management from Europe.
The fund raising programme is part of its Rs 350 crore business expansion plan. "The primary intent is to expand capacities for the building products division as well as the container glass division," it said.
"These funds will pave the way for accelerated growth of HSIL through capacity within the existing business interest. We look forward to accelerated business growth, with target revenue of Rs 3000 crore in the next five years," HSIL Joint Managing Director Sandip Somany said.
In the last fiscal, the company had a sales of Rs 836 crore.
The company has recently acquired Barwood Products of UK, and chrome-plated Bathroom Fittings division of Havells India.
The company said the fund will be utilised on expanding capacities of its existing facilities.
"HSIL has concluded the capital raising exercise of Rs 150 crore through private placement of 1.10 crore shares at a price of Rs 136.10 per share," the company said in a statement.
The primary investors in the QIP include Legg Mason Global Funds PLC, Blackstone GMO and Calpers from the US, Royal Bank of Scotland, Jupiter Asset Management from Europe.
The fund raising programme is part of its Rs 350 crore business expansion plan. "The primary intent is to expand capacities for the building products division as well as the container glass division," it said.
"These funds will pave the way for accelerated growth of HSIL through capacity within the existing business interest. We look forward to accelerated business growth, with target revenue of Rs 3000 crore in the next five years," HSIL Joint Managing Director Sandip Somany said.
ADVERTISEMENT
In the last fiscal, the company had a sales of Rs 836 crore.
The company has recently acquired Barwood Products of UK, and chrome-plated Bathroom Fittings division of Havells India.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
