JK Tyre raises ₹500 crore through QIP
The Hindu
MUMBAIJK Tyre & Industries Ltd. raises ₹500 crore via QIP, with strong response from investors. Funds to be used for growth & balance sheet.
JK Tyre & Industries Ltd. said it had concluded its fund-raising of ₹500 crore by way of Qualified Institutional Placement (QIP). The QIP was priced at ₹345 per share (including a premium of ₹343 per share with face value of ₹2 per share).
“The QIP received overwhelming response from marque investors including Indian mutual funds, insurance companies and foreign institutional investors,” the company said in a statement.
“The funds will be used for the purpose of growth capex and strengthening the balance sheet,” the company added.
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