Rajoo Engineers launches QIP issue to raise Rs 180 crore
Rajoo Engineers
Ltd plans to raise Rs 180 crore through its
qualified institutional placement
(QIP) issue, according to an exchange filing.
The Rajkot-based company in the filing stated that its board has approved the opening of the issue of qualified institutional placement of equity shares with a floor price of Rs 114.42 per equity share from July 15.
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The issue closes on July 21. The company may offer a discount of not more than 5 per cent on the floor price for the issue, the filing said.
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The proceeds of up to Rs 160 crore from the QIP will be strategically deployed for the
business expansion
through inorganic growth and the remaining proceeds towards general
corporate purposes
.
The company reported revenue of Rs 253.65 crore for 2024-25 while profit after tax was Rs 38.11 crore.
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