Refractory participant RHI Magnesita raises Rs 900 crore via a QIP

Refractory participant RHI Magnesita India has raised Rs 900 crore via certified establishments placement, based on an organization’s prime official. “We’re happy to announce a profitable certified institutional placement (QIP). This transaction demonstrates the help of top of the range worldwide and home institutional traders within the enterprise and monetary mannequin of our firm,” the corporate’s CEO and MD Pramod Sagar mentioned.

The Rs 900 crore-proceed raised from the QIP will probably be used to finance firm’s progress via acquisition and within the modernisation of our operations, enabling us to capitalise on alternatives within the fast-growing refractory market within the India and West Asia area, Sagar mentioned in an organization assertion on Thursday.

Based on the assertion, the corporate will challenge 1,57,15,034 shares at Rs 572.70 every.

HSBC Securities and Capital Markets (India) Pvt Ltd was the only real guide runner on the QIP.

RHI Magnesita India is the main international provider of high-grade refractory merchandise, methods and options that are important for high-temperature processes exceeding 1,200 diploma Celsius in a variety of industries, together with metal, cement, non-ferrous metals and glass.

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