Time Technoplast allots 3.98 cr shares via QIP at Rs 201.12, raises about Rs 800 crore
TIMETECHNO · price
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On the reaction day the stock moved 0.4 pts more than Nifty Microcap 250 and 1.0 pts more than its Plastic Products - Industrial peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Time Technoplast allotted 3,97,77,247 equity shares to QIBs at Rs 201.12 per share through a QIP, with a 5 percent discount on the floor price of Rs 211.70. Total amount raised is about Rs 800 crore. Paid-up equity capital rose from Rs 4,538.58 lakh to Rs 4,936.35 lakh. Top allottees include 3P India Equity Fund 1 (18.13 percent), Axis Mutual Fund (10.50 percent), Aberdeen, and Abrdn New India Investment Trust.
Equity dilution of about 8.76 percent. Capital raise signals growth plans. Stock may see short-term pressure from dilution.