Ashish Kacholia Portfolio Stock Announces Rs 125 Cr Fund Raising Via QIP

Small-cap firm Likhitha Infrastructure Ltd operates in the construction industry. The firm specializes in pipeline laying and offers complete installation, testing, and commissioning of oil and gas pipelines as well as project management for city gas distribution and operation and maintenance (O & M) services.

"The meeting of Board of Directors of the company held on Wednesday, September 27, 2023 has considered and approved raising of funds by way of issuance of such number of equity shares having face value of Rs 5/- each of the Company ("Equity Shares") and / or other eligible securities or any combination thereof (hereinafter referred to as "Securitics^TM), for an aggregate amount not exceeding Rs 125 Crores by way of qualified institutional placement ("QIP")," said Likhitha Infrastructure in a stock exchange filing.

Today, the company has announced that it has secured an order from Bharat Petroleum Corporation Ltd for pipeline laying and HDD Works for Krishnapatnam-Hyderabad Multi Product Pipeline (KHPL) for Part-A & Part-B . The nature of the contract is laying of Cross- Country Pipeline along with associated facilities. Part-A order is required 16 months and Part-B has been granted 12 months of time period to complete the project.

In Q1FY24, the firm reported a net income of Rs 91.52 Cr, a 22.73% YoY fall from Q1FY23's net income of Rs 118.45 Cr. On a consolidated basis, it reported a net profit of Rs 15.83 Cr in the June 2023 quarter, a drop of 3.45% YoY from Rs 16.39 Cr in the June 2022 quarter. The firm recorded EPS of Rs.4.01 for the period that ended June 30, 2023, up from Rs.3.44 for the period that ended June 30, 2022.

Promoters held 70.02% of the company's shares during Q1FY24, FIIs held 0.10%, and the general public held 29.88%. Ashish Kacholia, a renowned investor, held 7 lakh fully paid-up equity shares, or 1.77% stake in Likhitha Infrastructure, according to the company's shareholding pattern for the quarter from April to June 2023.

On Friday, the shares of Likhitha Infrastructure were trading on the BSE higher by 1.42% at Rs 335.25 apiece level. The stock made a 52-week-high of Rs 339.00 on (25/09/2023) and a 52-week-low of Rs 173.15 on (30/09/2022).