Kalpataru Projects International shares slump 3% after raising ₹1,000 crore via QIP

As of 11:41 am the scrip was trading at ₹1,313.20, down 1.96% on the NSE.

This marks KPIL's first equity raise in over a decade, the company said in a statement.

The Engineering, Procurement and Construction (EPC) firm had issued the allotment of 83.26 lakh equity at ₹1,201 per equity share to instiutional investors, at a discount of ₹13.98 apiece.

The QIP witnessed an overwhelming response from a diverse group of investors, including domestic mutual funds, foreign investment funds and insurance companies.

Manish Mohnot, MD & CEO, KPIL, said, "The overwhelming response to our QIP reflects the unwavering confidence of investors in KPIL's diversified business profile... The funds raised through QIP will further strengthen our balance sheet, enhance our financial flexibility and accelerate our growth plans."

KPIL is one of the largest specialised EPC companies engaged in Power Transmission & Distribution, Buildings & Factories, Water Supply & Irrigation, Railways, Oil & Gas Pipelines, Urban Mobility (Flyovers & Metro Rail), Highways and Airports.

KPIL is currently executing projects in over 30 countries and has a global footprint in 75 countries.