Sansera Engineering Ltd. has set the floor price for its Rs 1,200-crore qualified institutional placement at Rs 1,635.48 per share. The floor price is at a premium of 3% to Thursday's closing price of Rs 1,587.80per share on NSE. The company will issue 53.99 crore shares having a face value of Rs 2 each.
The company may, at its discretion, offer a discount of not more than 5% on the floor price so calculated for the issue, according to an exchange filing.
The board of directors approved the fundraise on Aug. 20. The funds may be raised in one or more tranches by issue of equity shares and or any other instruments or eligible securities representing either equity shares and/or convertible securities linked to equity shares, an earlier filing said.
Adani Enterprises’ $500-Million QIP Subscribed Four Times
Sansera Engineering specialises in machining precision engine forged components for both the automotive sector (including two-wheelers and four-wheelers) and non-automotive industries such as aerospace and agriculture. Additionally, the company produces connecting rods for medium and heavy commercial vehicles.
Nomura and ICICI Securities Ltd. have been appointed as the bookrunning lead managers for the issue.
The company also said that the equity shares being allotted pursuant to this issue shall not be sold for a period of one year from the date of allotment, except on the floor of the stock exchanges.
The announcement related to the QIP's launch was made by the company after market hours.
Share price of Sansera Engineering closed 1.97% lower at Rs 1,587.80 apiece, compared to a 0.07% advance in the benchmark Nifty 50 on Thursday. The stock has risen by 72.92% in the last 12 months.
All 11 analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 0.2%.
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