MUMBAI: Agri-sciences company PI Industries has approved ₹1,470 as the issue price for its qualified institutional placement (QIP), through which the company raised ₹2,000 crore.
In a filing to stock exchanges, the company said the QIP issue was closed on Wednesday and the issue price was at a discount of 4.19% to the floor price.
The proceeds would be used to expand current business, scale-up newer technologies and foray into pharmaceuticals, imaging, and other speciality chemicals.
PI Industries has planned a capital expenditure of ₹1,828 crore over FY20- 22 to build new capacity and support utilities. The company completed the acquisition of Isagro India in FY20 at an enterprise value of ₹450 crore.
Since the beginning of the 2020, the PI Industries stock has gained 15% compared to a 12% fall in the benchmark Sensex. At 1015am, the stock traded at ₹1,667, up 0.3% from previous close.
PI Industries reported a 12% year-on-year fall in its March quarter consolidated net profit to ₹110.7 crore. Net income rose 4.24% to ₹862.
The company manufactures crop protection chemicals and plant growth nutrients, and chemical and active intermediates.
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