OPEN APP
Home >Companies >News >Speciality chemicals firm SRF Ltd launches 750 crore share sale
SRF is looking to sell the shares in the price range of Rs4,200-4,250 per share (Bloomberg )
SRF is looking to sell the shares in the price range of Rs4,200-4,250 per share (Bloomberg )

Speciality chemicals firm SRF Ltd launches 750 crore share sale

The company informed stock exchanges that the floor price for the share sale has been set at Rs4168.73 per share

Mumbai: Speciality Chemicals maker SRF Ltd on Monday launched a so-called qualified institutional placement (QIP) offering to raise as much as Rs750 crore from institutional investors.

The company informed stock exchanges that the floor price for the share sale has been set at Rs4168.73 per share, as per a Sebi prescribed formula.

On Monday, SRF's shares closed trading at Rs4,368.85, up 2.37% on the NSE while the benchmark Sensex closed at 40,593.8 points, up 0.21%.

According to a person aware of the details of the company's fundraising exercise, SRF is looking to sell the shares in the price range of Rs4,200-4,250 per share.

Investment banks Axis Capital and Kotak Mahindra Capital are advising the company on the share sale.

The company plans to use the proceeds of the share sale for funding suitable organic and inorganic growth; ongoing capital expenditure and pre-payment and/or repayment of outstanding borrowings.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My Reads Redeem a Gift Card Logout