Refractory player RHI Magnesita raises Rs 900 crore through a QIP

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Fireproof player RHI Magnesita According to a top company official, India has raised Rs 900 crore through placement in qualified institutions. “We are pleased to announce a successful qualified institutional placement (QIP). This transaction demonstrates the support of high-quality international and domestic institutional investors in our company’s business and financial model,” said the company’s CEO and MD Pramod. sagar said.

The Rs 900 crore proceeds from the QIP will be used to fund the growth of the company through acquisition and in the modernization of our operations, enabling us to capitalize on opportunities in the fast-growing refractories market in India and Western Asia region, Sagar said in a company statement Thursday.

According to the statement, the company will issue 1,57,15,034 shares at Rs 572.70 each.

HSBC Securities and Capital Markets (India) Pvt Ltd was the sole bookrunner on the QIP.

RHI Magnesita India is the leading global supplier of high performance refractory products, systems and solutions critical to high temperature processes exceeding 1,200 degrees Celsius in a wide range of industries including steel, cement, non-ferrous metals and glass.

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