Arvind raises about Rs 500 cr via QIP at 2.62 percent discount to floor price
ARVIND · price
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On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.3 pts more than its Garments & Apparels peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Arvind Limited has allotted 99 lakh equity shares at Rs 505 each to qualified institutional buyers, raising about Rs 500 crores. The issue was priced at a 2.62 percent discount (around Rs 13.58) to the floor price set under SEBI rules. Major participants include SBI Life Insurance, Nippon India Small Cap Fund, SBI Multi Asset Allocation Fund, Aditya Birla Sun Life MF schemes, ICICI Prudential Life Insurance, HDFC Manufacturing Fund, Invesco India ELSS Tax Saver Fund and Mirae Asset Multicap Fund. Post-issue paid-up equity capital rises from Rs 262.1 crore to Rs 272 crore.
Dilution of about 3.78 percent for existing holders; strong marquee institutional participation is a positive vote of confidence for the stock.