Deepak Fertilisers raises Rs 510 cr via sale of shares to institutional investors

Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) on Monday said it has raised Rs 510 crore through sale of shares to institutional investors.

In a regulatory filing, DFPCL said it has successfully raised Rs 510 crore through a Qualified Institutions Placement (QIP) of equity shares.

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Leading investors from India and overseas participated in the issue. These included Smallcap World Fund, Government Pension Fund Global, Axis Mutual Fund, Fidelity, Avendus and Societe Generale, among others, it added.

"The QIP saw a strong response from long only institutional investors including two of the leading global FIIs - Smallcap World Fund and Fidelity," the filing said.

DFPCL has issued 1,24,39,029 equity shares through the QIP route. The floor price was set at Rs 422.48 per share but the shares were allotted at an issue price of Rs 410 per scrip.

The company has plants located in four states -- Maharashtra (Taloja), Gujarat (Dahej), Andhra Pradesh (Srikakulam) and Haryana (Panipat).