Pitti Engineering has successfully raised Rs 360 crore through the qualified institutions placement (QIP). The proceeds of the QIP would be used for repaying and/or prepaying certain borrowings availed by the Company and for other general corporate purposes. The issue was opened on July 8, 2024 and closed on July 11, 2024 after its Fund Raising Committee approved the allotment of 34,14,749 equity shares to qualified institutional buyers at the issue price of Rs 1054.25 per equity share.
Domestic and global institutional investors like SBI Mutual Fund, Aditya Birla Sunlife Mutual Fund, HSBC Mutual Fund, Franklin India Smaller Companies Fund, Motilal Oswal Small Cap Fund and Kotak Mahindra Life Insurance Company participated in the QIP.
Pitti Engineering is India's largest and most reputed manufacturer of Electrical Steel Laminations, Motor Cores, Sub-Assemblies, Die-Cast Rotors and Press Tools.
