1.2 crore shares allotted at small discount in institutional placement
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On the reaction day the stock moved 2.7 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board approved the allotment of 1,19,99,847 equity shares at Rs 125 each, 1.58% below the floor price of Rs 127.01. The placement raised Rs 149.99 crore. Paid-up equity capital increased from Rs 10.66 crore to Rs 11.86 crore, with total shares rising to 11,86,33,897.
Existing shareholders face about 10.1% dilution, while the company gains about Rs 150 crore in fresh capital; near-term sentiment may be pressured.