JK Tyre Raises Rs.500 Crore via (QIP)
JK Tyre raises Rs. 500 crore via QIP at Rs. 345 per share, bolstering growth and balance sheet with strong investor support. Emkay Global Financial Services leads as the sole manager.
New Delhi - JK Tyre & Industries Limited., a tyre manufacturer in India, has accomplished its fundraising objectives by securing Rs. 500 crore through a successful Qualified Institutional Placement (QIP).
The QIP was priced at Rs. 345 per share, encompassing a premium of Rs. 343 per share, with a face value of Rs. 2 per share.
The offering received an enthusiastic response from esteemed investors, including Indian mutual funds, insurance companies, and foreign institutional investors.
Dr. Raghupati Singhania, Chairman and Managing Director of JK Tyre, expressed satisfaction, stating, "We are delighted to have successfully concluded the QIP of Rs. 500 crore. This marks a significant milestone in our corporate journey. The substantial participation of reputable investors underscores their trust and confidence in the company's growth trajectory. The funds raised through QIP will be allocated towards growth capital expenditure and fortifying the company's balance sheet."
Emkay Global Financial Services Ltd served as the sole Lead Manager for the issue.
