JK Tyre & Industries concluded its fund-raising initiative, securing ₹500 crore through Qualified Institutional Placement(QIP). The QIP was priced at ₹345 per share, including a premium of ₹343 per share, with a face value of ₹2 per share.
The offering received interest from investors, including Indian mutual funds, insurance companies and foreign institutional investors.
Raghupati Singhania, Chairman and Managing Director of JK Tyre, said, “We are pleased to have successfully completed QIP of ₹500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the company’s growth story. QIP funds will be used for the purpose of growth capex and strengthening of the balance sheet.”
The shares were down by 1.24 per cent to ₹393.40 at 3.23 pm on the BSE.