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Home INTERNATIONAL PI Industries hits record high on prosperous QIP issue surges 8% in...

PI Industries hits record high on prosperous QIP issue surges 8% in 2 days

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Shares of PI Industries strike a contemporary all-time high of Rs 1,789, up 3.5 for each cent in the intra-day trade, on the BSE on Friday. The stock has surged 8 for every cent in the earlier two times right after the corporation properly raised Rs 2,000 crore through competent institutional placements (QIP).&#13
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The agro-chemical organization on Wednesday mentioned the firm has fastened issue price at Rs 1,470 per share, about 4 for every cent reduce than the floor rate, for sale of shares to institutional investors.&#13
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PI Industries has been given a potent response from institutional investors for its QIP issue. According to the most up-to-date shareholding pattern knowledge submitted by the firm, mutual cash (MFs) increased their stake by far more than 4 share factors to 21.19 for each cent, while overseas portfolio buyers (FPIs) hiked their holdings by virtually two proportion points to 13.82 per cent.&#13
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At the end of March 2020 quarter, MFs and FPIs held 17.03 for every cent and 12.13 per cent stake, respectively.&#13
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The company proposed to make use of the net proceeds to fund the organic or inorganic development opportunities in the region of its operations and adjacencies, other extensive-term capital needs, investments in subsidiaries, joint undertaking(s) and affiliate(s) (both by financial debt or equity or any convertible securities), and pre-payment and / or repayment of excellent borrowings.&#13
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“Regardless of Covid-19 led complicated ecosystem, the administration furnished revenue steering of 20 for every cent furthermore for FY2021E, led by healthier order book, commissioning of extra capacity, and contribution from freshly released brand names. With market-primary return ratios, healthy balance sheet, and strong earnings visibility, we hope the inventory to go on to fetch premium valuations,” analysts at Sharekhan mentioned.&#13
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“The progress momentum, which slackened about FY2016-2018 owing to the consolidation in the worldwide crop safety chemicals/agrochem (CPC) business, has manufactured a modest recovery in excess of the past two a long time. The tailor made synthesis and producing (CSM) big expects improved advancement prospective buyers, supported by a revival in advancement initiatives by its international associates and the focused capex on multiproduct plants, with capacities booked for 5-7 decades. The US$1.5 billion order book gives long-term visibility on PI’s revenue and earnings,” analysts at Nirmal Bang Equities reported in stock update.&#13

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