Shyam Metalics raised Rs 1385 crore through QIP

City-based Shyam Metalics and Energy Limited (SMEL) announced that it has raised Rs 1,385 through Qualified Institutional Placement (QIP).

The QIP Committee at its meeting approved the issue allotment of 24,051,165 equity shares of face value of Rs 10 each to 38 Qualified Institutional Buyers (QIBs) at an issue price of Rs 576 per equity share (including a premium of Rs 566 per share), the company informed bourses on Wednesday.

The allotment completes our dilution as per minimum public shareholding requirements prescribed by SEBI, the company said.

The company achieved a CAGR exceeding 15 per cent in the past and anticipated sustaining the same growth trajectory.

Additionally, the company do not have any plans for additional dilution over the next few years, officials said.

"The funds raised will bring down the working capital limits availed by the company from banks and we remain a net positive company as it is poised to become a net debt-free company to accelerate our growth trajectory," a company's statement said.