Zen Technologies Ltd. successfully raised Rs 1,000 crore via qualified institutional placement. The company issued approximately 62.5 lakh equity shares with a face value of Rs 1 each at an issue price of Rs 1,601 per share, which includes a premium of Rs 1,600 apiece, according to an exchange filing on Friday.
Kotak Mutual Fund acquired 46% of the equity shares offered in the QIP, while Ashoka Whiteoak ICAV-Ashoka Whiteoak India Opportunities Fund acquired 6.93%, it said.
Following the allotment, the paid-up equity share capital of Zen Technologies stands at Rs 8,40,44,260 to Rs 9,02,90,356. The company's fundraising committee finalised the details during a meeting held on Friday, according to the filing.
The company launched the QIP on Wednesday, aiming to raise up to Rs 1,000 crore and it had set the floor price at Rs 1,685.18 per share for the QIP. The floor price was at a discount of 5.4% to Wednesday’s close on the NSE.
The QIP issue was closed following the receipt of application forms and funds in the escrow account from eligible, qualified institutional buyers.
The issue price of Rs 1,601 per share includes a premium of Rs 1,600, reflecting a discount of Rs 84.18 (up to 5%) from the floor price of Rs 1,685.18, as per the SEBI regulations.
The committee also approved the allocation of equity shares to the QIBs and finalised the placement document on the same day.
The approval for the QIP was accorded by the board of directors on Jan. 27 and a special resolution was passed by members of the company by postal ballot on March 8.
The company designs, develops and manufactures state-of-the-art combat training solutions for the training of defence and security forces.
Shares of the company closed 1.92% higher at Rs 1,787.35 per share on the NSE, compared to a 0.05% advance in the benchmark Nifty.
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