The funds raised in the QIP will be utilized mainly towards the expansion of Site – 3 and Site – 5
Aether Industries Limited completed the closure of its Qualified Institutional Placement (QIP) through which it has raised Rs. 750 crore. The company will issue 80.12 lakh shares to 36 Qualified Institutional Buyers like SBI Mutual Fund, Axis Mutual Fund, Goldman Sachs Funds, Edelweiss Mutual Fund, Bandhan Mutual Fund, Societe Generale, HDFC Mutual Fund, White Oak Capital, and many other marquee investors.
The company has issued new 80,12,820 Equity Shares at an Issue price, in accordance with the SEBI ICDR Regulations, to raise Rs. 750 crores, which are all primary, and there is no element of OFS involved in this QIP. This purely shows that the Promoters are willing to take Aether Industries to more heights by funding expansions and future business growth.
The placement document for the QIP mentions that the funds raised in the QIP will be utilized mainly towards the expansion of Site – 3 and Site – 5 and hence Company envisages good market potential for its growth.
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