December 09, 2024 18:57 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Indian Foreign Secretary Vikram Misri reaches Dhaka, holds bilateral talks with Bangladeshi counterpart amid strained ties | AAP fields popular UPSC teacher Avadh Ojha from Delhi's Patparganj, Manish Sisodia shifted to Jangpura | Syria's unity, sovereignty and territorial integrity must be preserved: India | Serious allegations: Kiren Rijiju on 'Sonia Gandhi-George Soros link' | Delhi: Over 40 schools receive bomb threats, students sent back home; Kejriwal slams Amit Shah | 'Happy if she takes more responsibility': Supriya Sule on Mamata Banerjee expressing willingness to lead INDIA bloc | Rajnath Singh to visit Moscow to attend India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation | Eknath Shinde wants home ministry in Mahayuti govt: Shiv Sena | Delhi businessman, returning from morning walk, shot dead by bike-borne men | Eight people killed in Kannauj bus accident, PM Modi announces compensation
Shyam Metalics
Image: Supriyo Hazra/IBNS

Shyam Metalics and Energy Limited raises Rs. 1,385 crores through QIP

| @indiablooms | Jan 10, 2024, at 08:37 pm

Shyam Metalics and Energy Limited (SMEL), a prominent integrated metal-producing company based in Kolkata, is pleased to announce the successful completion of its fundraise of Rs. 1,385 crores through a Qualified Institutional Placement (QIP) against the total bid amount of Rs. 4055 Crs- representing 3.5 times the issuance. 

The QIP Committee at its meeting approved the issue allotment of 24,051,165 equity shares of face value of ₹ 10 each to 38 Qualified Institutional Buyers (QIBs) at an issue price of ₹ 576 per equity share (including a premium of ₹ 566 per Equity Share). 

The allotment of equity shares under the Issue sees several renowned institutional investors garnering a significant portion of the Issue. 

Speaking on successful completion of QIP, B. Bhushan, Vice Chairman and Managing Director said, "We are delighted with the successful completion of the QIP, which reflects the trust and confidence that investors have in our company. This completes our dilution as per minimum public holding requirements prescribed by SEBI. We would also like to highlight that our company has consistently achieved a CAGR exceeding 15% in the past and we anticipate sustaining the same growth trajectory by relying on internal accruals. Additionally, we do not have any plans for additional dilution over the next few years and we shall continue on this path, and this would probably be the last dilution from the promoter group.  The funds raised will bring down the working capital loans availed by the company from banks, and we are poised to remain one of the net debt-free companies within the metals sector. This will empower us to pursue new opportunities and accelerate our growth trajectory in the future. Shyam Metalics remains committed to delivering long-term value to its shareholders, customers, and partners. The successful QIP marks a significant milestone in the company’s journey and is well-positioned for a future of sustained growth and innovation”. 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.