PTC Industries approves allotment of 5.30 lakh equity shares under QIP issue

PTC Industries Limited has informed exchanges that the Board of Directors of the company has approved the allotment of 5.3 lakh equity shares to eligible institutional investors.

"Approved the issue price for 5,30,315 equity shares to be allotted to eligible qualified institutional buyers at a price of Rs 13,199.70 per share including a premium of Rs 13,189.70 per share which takes into account a discount of Rs 694.72 per share on the floor price of Rs 13,894.42 per share (5% of the floor price)," the company said in an exchange filing.

Earlier,  the Board of Directors of the company approved raising funds up to Rs 700 crore via Qualified Institutions Placement (QIP).

Qualified institutional placement (QIP)  is a capital-raising tool in which a listed company can issue equity shares to a qualified institutional buyer (QIB).

Earlier, PTC Industries informed exchanges that its wholly owned subsidiary - Aerolloy Technologies Limited - has developed the most advanced casting technology for manufacturing Single Crystal and Directionally Solidified blades and vanes for Aero-engine and Industrial Gas Turbine applications.