Tyre major Ceat Ltd has announced that it has successfully closed a Qualified Institutions Placement (“QIP”) of equity shares to raise Rs.400cr. The company will issue 44,94,382 equity shares at a price of Rs. 890.00 per equity share. The issue price translates to discounts of approximately 0.8% on 26 November 2014’s closing price which is a testimony to investors’ confidence in the company, according to a press conference issued by the company.
On the successful completion of the equity issuance, Anant Goenka, Managing Director said, “This reinforces the strong faith of high quality international and domestic institutional investors in the business and financial model of CEAT. The proceeds from the QIP is proposed to be used, inter alia, for capacity expansion at the Halol plant, two-wheeler tyres project etc. The projects are proposed to be funded through a mix of net proceeds from the issue, internal accruals and debt. The exact mix of the same is under evaluation.”
In accordance with the decision of our Board, our management will have significant flexibility in applying the net proceeds of this Issue.
The Book Running Lead Managers to the QIP are JM Financial Institutional Securities Limited and Standard Chartered Securities (India) Limited. Khaitan & Co has acted as Domestic Legal Counsel to the Issue and Dorsey & Whitney LLP acted at International Legal Counsel to the Book Running Lead Managers. ??
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