Shares of PTC Industries, a leading manufacturer of high quality critical and super-critical components and subsystems for aerospace, defence and industrial applications, rose 7% on October 7 after the company launched a QIP (qualified institutional placement). The company is looking to raise up to Rs 1,800 crore ($186 mn), people familiar with the matter told Moneycontrol.
Moneycontrol has reviewed a copy of the deal term sheet of the QIP.
The board of directors of the firm authorised the opening of the issue on October 6 and approved Rs 22,150 per share as the floor price of the issue, according to an exchange disclosure. The last closing price of the firm was Rs 23,125 per share.
On October 7, PTC Industries shares closed 7% higher at Rs 24,770 apiece.
“The indicative issue price is Rs 21,060 per share and the QIP proceeds will be used for debt repayment by the company, investment in its subsidiary Aerolloy Technologies for funding working capital requirements and purchase of plant and machineries and investment in step down subsidiary Trac Precision Solutions Limited," said one of the persons cited above.