AIA Engineering raises Rs 125 cr to fund expansion

Mumbai, Dec 19 (UNI) AIA Engineering, a manufacturer of high chrome mill internals, today said it has raised Rs 125 crore from qualified institutional buyers (QIBs) to fund expansion to meet growing market requirements.

The stock offer was priced at Rs 1,225 at a discount of 3.27 per cent to the closing price of Rs 1,266.35 on December 13, the company said, adding the floor price was Rs 903.23 per equity share as per the SEBI formula.

The proceeds shall be used for expansion of upto one lakh tonne per annum to meet the growing market requirements, the company said, adding it may also be used for long-term working capital requirements and for general corporate purposes of the company.

Enam Financial Consultants acted as the global coordinator and sole bookrunner to the issue, the company statement said.

UNI SA AG1923