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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Hitachi Energy’s Rs 2,000 crore QIP subscribed 2 times, company may partially exercise the green shoe option
Hitachi Energy India’s Rs 2,000 crore qualified institutional placement (QIP), the largest such offering this calendar year so far subscribed two times on Tuesday, people familiar with the matter said. The issue with base size is Rs 2,000 crore with an option to upsize to Rs 3,000 crore, offered at an indicative price of Rs 11,507 per share, people said.
With demand doubling, the company is likely to partially exercise the green shoe option, according to the people cited above.
Norges Bank, the central bank of Norway, along with domestic insurance firms like HDFC Life, SBI Life, ICICI Prudential Life Insurance, and mutual funds including Motilal Oswal, were among the institutions that subscribed to the offer, according to the people cited above.
HSBC Securities and ICICI Securities are the lead managers for the issue.
Shares of Hitachi Energy fell 4.2% lower at Rs 12,175.25 apiece on the BSE. The company set the floor price at Rs 12,112.50 per share, a 4% discount to the Monday’s closing price.
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The company’s board had on January 18 approved a fundraise of up to Rs 4,200 crore, with a tentative dilution of up to 6.15% at the indicative issue price. Proceeds from the QIP will be used to fund capital expenditure, meet working capital requirements, and for general corporate purposes, according to the placement documents.
So far in 2025, only four companies raised a total of Rs 4,661 crore through QIPs, compared to a record fundraising of Rs 1.36 lakh crore by 95 companies in 2024.
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