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Business News/ Markets / Stock Markets/  Rategain Travel Tech raises 600 crore via qualified institutional buyers at 643 per share
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Rategain Travel Tech raises ₹600 crore via qualified institutional buyers at ₹643 per share

Rategain Travel Technologies, on November 20, said that the company has raised over ₹600 crore from qualified institutional buyers (QIBs) placement of shares.

Travel tech firm Rategain Travel Technologies launched its QIP on 15 November 2023 to raise ₹6 billion. (Image: Pixabay)Premium
Travel tech firm Rategain Travel Technologies launched its QIP on 15 November 2023 to raise 6 billion. (Image: Pixabay)

Rategain Travel Technologies, on November 20, said that the company has raised over   600 crore from qualified institutional buyers (QIBs) placement of shares. According to the company’s exchange filing, the board of directors have approved an allotment of 93,31,259 shares to qualified institutional buyers at 643 per share.

Last week, the company initiated the Qualified Institutional Placement (QIP) book, setting the floor price at 676.66 per share.

On Monday, the company's shares closed at 715.90 on NSE,  falling approximately 1% compared to the previous day's closing. The planned share sale, valued at 600 crore, is expected to lead to an equity dilution of around 8%.

Prominent investors in the company include Pinebridge Global Funds, Troo Capital, ICICI Prudential MF, Kotak Mahindra Life Insurance, Founders Collective Fund, Sundaram MF, Bajaj Allianz Life Insurance, Societe Generale - ODI, and Morgan Stanley Asia.

“Pursuant to the allotment of Equity Shares in the Issue, the paid-up equity share capital of the Company stands increased from 10,84,46,554 consisting of 10,84,46,554 Equity Shares of 1 each to 11,77,77,813 consisting of 11,77,77,813 Equity Shares 1 each," the company said in an exchange filing.

The company's stocks concluded the day at 717.85 on the BSE, indicating that QIBs who participated in the QIP are now enjoying a notable 12% profit within a short span.

RateGain delivered robust financial results for the September quarter, witnessing an impressive 88% growth in revenue and a substantial 132% increase in net profit.

As of the end of September, the company maintains a robust balance sheet, featuring 424 crore in cash and cash equivalents. The quarter witnessed a cash generation of approximately 77 crore from the business.

 

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Updated: 20 Nov 2023, 10:11 PM IST
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