The Hindu Business Line : AIA Engg raises Rs 125 cr thru QIP

AIA Engineering Ltd, a manufacturer of high chrome mill internals, has raised Rs 125 crore through qualified institutional placements to qualified institutional buyers.

The offer was priced at Rs 1,225 at a discount of 3.27 per cent to the closing price of Rs 1,266.35 on December 13; the floor price was Rs 903.23 per equity share as per the SEBI formula.

Enam Financial Consultants acted as the global co-ordinator and sole book runner to the issue.

The company said that the issue proceeds are to be used for further expansion programme up to 1,00,000 TPA to meet the growing market requirements, either through greenfield or brownfield expansion or both and for suitable inorganic growth opportunities.

AIA may also use the proceeds for long-term working capital requirements and for general corporate purposes.

The company said that it would simultaneously start exploring backward integration opportunities for sourcing of certain key raw materials and other key inputs, like power.

AIA is a niche player in manufacturing value-added impact-, abrasion- and corrosion-resistant high-chrome mill internals used in the grinding and crushing operations in the mining, cement and utility industries. The mill internals include products such as grinding media, liners, diaphragms and vertical mill parts.

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