Asahi India Glass allots Rs 1,000 crore placement shares at Rs 844.79
ASAHIINDIA · price
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On the reaction day the stock moved 4.0 pts less than Nifty Smallcap 250 and 3.8 pts less than its Auto Components & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Asahi India Glass allotted 11,837,261 shares at Rs 844.79 each in its Rs 1,000 crore qualified institutional placement, at a Rs 843.79 premium to the Rs 1 face value. Paid-up shares rose from 243,089,931 to 254,927,192, about 4.9% more shares. Theleme India Master Fund, Nippon Life India Trustee and SBI Mutual Fund received 21% each of the issue.
The placement raises about Rs 1,000 crore and adds institutional investors, but the 4.9% increase in shares creates modest dilution for existing shareholders.