Mukul Mahavir Agrawal Stock In Focus After Raising Rs 700 Cr Via QIP; Do You Own?

Tuesday saw plenty of attention focused on PTC Industries' shares as the company raised Rs 700 Cr through qualified institutional placement (QIP). Following the receipt of application forms for a total of 5,30,315 fully paid-up equity shares of the company and the funds in the escrow account from eligible qualified institutional buyers in accordance with the terms of the Issue, which opened on August 28, 2024, the company on September 02, 2024 approved and declared the closure of the issue period for the QIP.

The issue price for 5,30,315 equity shares, which will be handed out to the eligible QIBs, has been decided and approved by the company's board. It is Rs 13,199.70 per equity share, plus a premium of Rs 13,189.70 per equity share. This amount accounts for a discount of Rs 694.72 per equity share on the floor price, making the issue price for equity shares 5% of the floor price. Following the QIP share issuance, the company's paid-up equity capital grew from Rs 14.44 crore, comprising 1.44 crore equity shares, to Rs 14.97 crore, including 1.49 crore equity shares.

PTC Industries Ltd stated in an exchange statement that it acquired Rs 700 crore through the completion of its institutional share sale procedure on Monday. Motilal Oswal's Long Term Equity Fund and Large and Midcap Fund together acquired 1.59 lakh shares during the fundraising process, accounting for 30% of the whole issuance. The participating financial institutions included HSBC and Societe Generale, which contributed Rs 130 crore and Rs 60 crore, respectively.

"In furtherance to our earlier intimations dated August 28, 2024 and September 02, 2024, with respect to the Issue which opened on August 28, 2024, and closed on September 02, 2024 we wish to inform you that the Listing Committee of the Board of the Company at its meeting held today, i.e. September 03, 2024, approved the issue and allotment of 5,30,315 Equity Shares, to eligible QIBs at the issue price of Rs 13,199.70 per Equity Share, including a premium of Rs 13,189.70 per Equity Share, which takes into account a discount of Rs 694.72 per Equity Share on the floor price amounting to Rs 13,894.42 per Equity Share (5% of the floor price), as determined in terms of SEBI ICDR Regulations, aggregating to Rs 69,999.99 Lakhs, pursuant to the QIP," said PTC Industries in a stock exchange filing on Tuesday.

PTC Industries is one of the portfolio stocks of Mukul Mahavir Agrawal in which the ace investor held 1,67,000 equity shares comprising 1.16% of the total paid-up share capital of the company during the quarter ended June 2024 or Q1FY25.

For more than 60 years, PTC Industries Limited has been a prominent Indian producer of precision metal components for vital applications. The firm manufactures and supplies titanium and superalloy castings for aerospace and defence applications in India as well as for exports through its fully-owned subsidiary Aerolloy Technologies Limited.