Deepak Fertilisers share price: Deepak Fertilisers raise Rs 510 crores through QIPs

MUMBAI: Deepak Fertilisers and Petrochemicals Corporation has raised Rs 510 crores through a qualified institutions placement (QIP) of equity shares. Some of the participants in the issue include Smallcap World Fund, Government Pension Fund Global, Axis Mutual Fund, Fidelity, Avendus and Societe Generale among others, the company said on Monday.

This is the company’s first external equity fundraising since its first public offering in 1982. The QIP saw a strong response from long-only institutional investors including 2 of the leading global FIIs – Smallcap World Fund and Fidelity.

The issue comprised of 1,24,39,029 equity shares offered by the company at a floor price of Rs 422.84 per share and allotted to investors at an issue price of Rs 410 per share, which was at a 2.95% discount to the floor price. About 82% of the shares issued were subscribed to by Foreign Portfolio Investors, 13% by Mutual Funds, and the remaining 5% by Alternate Investment Funds.

The issue that opened on October 19 and closed on October 22 was lead managed by IIFL Securities with J. Sagar Associates as Indian Legal Counsel and Hogal Lovells Lee & Lee as International Legal Counsel.