TD Power Systems allots 77.4 lakh shares via QIP at Rs 775 each, raises Rs 600 crore
TDPOWERSYS · price
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On the reaction day the stock moved 4.8 pts less than Nifty Smallcap 250 and 4.7 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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TD Power Systems completed its QIP, allotting 77,41,935 shares to institutional buyers at Rs 775 each, raising about Rs 600 crore. Issue price carries a 0.05% discount to the floor price of Rs 775.35. Major investors include Axis MF, Canara Robeco MF, ICICI Prudential, Mirae Asset, ABSL MF, Societe Generale, and Bandhan MF, each getting over 5% of the issue. Paid-up equity capital rose from Rs 31.37 crore to Rs 32.14 crore.
Capital infusion of about Rs 600 crore strengthens balance sheet, but QIP at a small discount may cause short-term dilution pressure on stock price.