Mrs. Bectors Food Closes Rs 400-Crore QIP, Singapore Government Among Share Allottees
The issue price marks a discount of 1.77% as against the floor price of Rs 1,577.85 per share.
Mrs Bectors Food Specialities Ltd. closed its qualified institutional placement issue launched last week to raise Rs 400 crore. The company's fund-raising committee approved the issue and allotment of 25.8 lakh equity shares of face value of Rs 10 each to eligible qualified institutional buyers at an issue price of Rs 1,550 apiece.
The issue price marks a discount of 1.77% as against the floor price of Rs 1,577.85 per share. It is also lower than the stock's closing price of Rs 1,714.8 per share on Monday, by around 10%.
The company is a key player in the premium biscuits segment under the brand name of 'Cremica' and sells bakery products under the brand of 'English Oven'. It intends to use the QIP proceeds for expansion of facilities in Madhya Pradesh and Maharashtra.
Share Allottees
The Government of Singapore is among key allottees, as it has been allocated 4.77 lakh, or 18.49%, of the shares offered under the QIP.
Aditya Birla Sun Life, SBI Multicap Fund, Axis Mutual Fund, and Canara Robeco Mutual Fund have each been allotted 6.25% of the shares, as per an exchange filing.
Arisaig Asia Fund has been assigned 9.12% of the shares offered under the QIP. Prudential Assurance Co. bagged 8.39%, and Manulife Global Fund has been allotted 5.54% of the shares.
Following the closure of the QIP issue, the paid-up equity share capital of Mrs Bectors Food stands increased from Rs 58.8 crore to Rs 61.4 crore, comprising 6,13,98,119 equity shares.
Shares of Mrs Bector Foods open higher on Tuesday and were trading 3.01% up at Rs 1,756.95 apiece on NSE, compared to a 0.15% rise in the Nifty 50.
