New Delhi: Refractory firm RHI Magnesita India on Thursday announced that it has closed its qualified institutional placement (QIP), having raised ₹900 crore.
“The company will issue 15,715,034 lakh shares at ₹572.70 per share,” it said in a statement. The new shares issued via the QIP are expected to be admitted to trading on the National Stock Exchange of India and the BSE later this month.
“The parent group, RHI Magnesita N.V., also intends to subscribe for new shares via a preferential issue of ₹200 crore, subject to the approval of the board and shareholders of RHI Magnesita India,” the company said.
Following the QIP and preferential issue, the group will retain approximately 56% stake in RHI Magnesita India.
HSBC Securities and Capital Markets (India) Pvt Ltd were the book runners.
On the successful completion of the equity issuance, Parmod Sagar, MD & CEO of RHI Magnesita India Ltd said, “This transaction demonstrates the support of high quality international and domestic institutional investors in the business and financial model of our company.‘’
RHI Magnesita India is a global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200 degree Celsius in a wide range of industries, including steel, cement, non-ferrous metals and glass.
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