KEI Industries announced on Thursday that it has successfully raised ₹2,000 crore through a Qualified Institutional Placement (QIP) of equity shares. Conducted between November 25 and 28, the QIP involved the issuance of 52.6 lakh equity shares priced at ₹3,800 each, reflecting a 2.1% discount to the floor price of ₹3,880.54.
Following the issuance, KEI Industries’ paid-up equity share capital has risen to ₹191.1 crore, comprising 9.55 crore shares. The funds raised are intended to enhance the company’s financial flexibility, support its growth initiatives, and strengthen the balance sheet.
Domestic Mutual Funds Dominate Allotment
The QIP received strong interest from 104 institutional investors, with domestic mutual funds securing close to 60% of the total allocation. Kotak Mutual Fund emerged as the largest investor, acquiring 27.51% of the issued shares, distributed across its Kotak Emerging Equity Scheme and Kotak Small Cap Fund.
Other key participants included Motilal Oswal Midcap Fund, which received 13% of the shares, and Government Pension Fund Global, which secured 5.15%. ICICI Prudential Mutual Fund also made significant investments, with its Balanced Advantage Fund and Midcap Fund jointly accounting for another 13% of the allocation.
Market Performance and Historical Context
On Thursday, KEI Industries’ stock ended the trading session with a marginal loss of 0.34%, closing at ₹4,305.2 on the BSE. Despite the slight dip, the stock has delivered a robust 54% gain over the past year, pushing the company’s market capitalisation to over ₹36,000 crore.
This QIP marks KEI Industries’ return to equity markets after its last institutional placement in January 2020. The move reinforces the company’s standing as a prominent player in the cables and wires sector, which is integral to infrastructure development and energy projects across India.
