The erstwhile promoter Sameer Gehlaut is already out of the Company since June 2023.
The Company’s ownership was significantly (about 33%) controlled by institutions as at December 31, 2024.
To further the revival/ growth of the business, Company has now concluded a QIP raise of Rs 1,300 cr.
- QIP has been done at a price of Rs 150/ share; similar to it’s current market price.
- Marquee investors like Capital Group (through Smallcap World Fund) have picked up stakes in this round. Capital group now owns 4.91% of the Company.
- Other marquee investors in the QIP were BlackRock and Marshall Wace, both global assets management giants.
- Institutions now own about 41.5% of the Company.
QIP surely reflects the continued faith of institutions in the Company’s future prospects.
However, institutions have been in control of the Company for sometime now and hence don’t rush to buy only because of the new QIP placement. Look at operations in detail and analyse independent of this development.