Shyam Metalics and Energy (SMEL) has raised Rs 1,385 through Qualified Institutional Placement (QIP). The QIP Committee at its meeting approved the issue allotment of 24,051,165 equity shares of face value of Rs 10 each to 38 Qualified Institutional Buyers (QIBs) at an issue price of Rs 576 per equity share (including a premium of Rs 566 per share).
The funds raised will bring down the working capital limits availed by the company from banks and it remains a net positive company as it is poised to become a net debt-free company to accelerate its growth trajectory. The allotment completes the company's dilution as per minimum public shareholding requirements prescribed by SEBI. The company achieved a CAGR exceeding 15 per cent in the past and anticipated sustaining the same growth trajectory. Additionally, the company do not have any plans for additional dilution over the next few years.
Shyam Metalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys.
