Syrma SGS Technology has opened a ₹1,000 crore qualified institutional placement (QIP), which will lead to a 7.43% dilution in its post-issue outstanding equity capital. The issue, which opened on Thursday and will close on Friday, has a floor price of ₹735.61 per share — a 1.60% discount to Wednesday’s NSE closing price of ₹710.40. Dam Capital is acting as the book-running lead manager.
Trading approval for the new shares is expected on August 14, with institutional buyers set to receive allocations in their demat accounts the same day. Trading in the newly issued shares will commence from August 18.
The fundraising comes on the back of a strong quarterly performance. Syrma SGS reported a 157.5% jump in consolidated net profit to ₹49.7 crore from ₹19.3 crore a year earlier, aided by operating leverage. EBITDA rose 90.6% to ₹86.6 crore from ₹45.4 crore, while profit margins expanded 530 basis points to 9.2%. However, consolidated revenue fell 18.6% to ₹944 crore from ₹1,160 crore in the same period last year.
Shares of Syrma SGS closed at ₹710.40, down ₹10.40 or 1.44%.
