HSIL raises Rs250 crore through QIP
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New Delhi: Sanitaryware company Hindustan Sanitaryware & Industries Ltd has raised Rs.250 crore from the market via Qualified Institutional Placement (QIP) to reduce interest cost.
The company’s shares, having face value of Rs.2, were subscribed on a premium of Rs.398 by foreign and domestic institutional investors, HSIL said in a statement on Monday.
It further said the expression of interest received was more than two times of the proposed issue. HSIL Ltd joint managing director Sandip Somany said: “The company has yet again demonstrated its robust financial performance and its focused approach towards managing equity. The funds will be used for repaying the debt which will result in reduction of interest cost with immediate effect.”
It can result in savings of interest cost of approximately Rs.25 crore per annum, he added. Investors including HDFC Mutual Fund, Birla Sun Life Mutual Fund, Sundaram Mutual Fund, Bajaj Allianz Life Insurance, Prince Street (India) Fund, Reliance Mutual Fund participated in the process, it said.
HSIL has two business divisions—building products and packaging products. Its products are available under brand names Hindware Italian Collection, Hindware Art, Hindware, Amore, Vents and Benelave. The company also sells glass and PET bottles through its container glass division.