Epigral Ltd (formerly known as Meghmani Finechem Ltd), India’s leading integrated chemical manufacturer today announced successful completion of its Qualified Institutional Placement (QIP) by raising Rs 333.05 crore at an issue price of Rs 2,093.13 per share.
The QIP witnessed sizable interest from marquee players like HSBC AMC, Bandhan AMC, HDFC AMC, ITI AMC, Morgan Stanley and many other institutions.
The chemical major will be deploying these funds to support the company’s growth plans. The equity capital will further help Epigral to further strengthen its financial position while expanding its market presence.
The company issued 15.91 lakh shares at Rs 2,093.13 per share to raise Rs 333.05 crore. Following these fresh issuance of equity shares to QIPs, the total outstanding equity shares (fully diluted) post allotment stood at 4.31 crore shares from 4.16 crore shares.
Commenting on the QIP success, Maulik Patel, Chairman and Managing Director of Epigral Ltd said, "We are thrilled to inform you that we have received tremendous response from many marquee institutions, reflecting their confidence in our business and future growth potential. The proceeds from QIPs will be invested in the growth plans of the company.
"We are geared up to have volume growth based on the capex that we did in recent years and also we will be doing further capex to bring consistent growth and creating value for all our stakeholders,” Patel added
About Epigral Limited
Epigral Limited (Epigral), formerly known as Meghmani Finechem Ltd, incorporated in 2007, is a leading integrated manufacturer of chemicals in India. Epigral’s Dahej facility is a backward and forward integrated and automated complex with a well-planned infrastructure. In India, Epigral is the first to set up an Epichlorohydrin plant and largest capacity plant of CPVC. Epigral is also a leading manufacturer of Caustic Soda, Caustic Potash, Chloromethanes, Hydrogen Peroxide, Chlorine and Hydrogen.
Epigral is strengthening its position in the specialty chemical segment by enhancing its capacity in CPVC, venturing into the Chlorotoluenes value chain and dedicated R&D center. The company is focused on sustainable value creation for all its stakeholders and has been awarded with the Responsible Care certificate.
Through integral collaborations and exceptional solutions, Epigral strives to enhance value and exceed expectations, leaving an indelible mark on stakeholders and the industry.
Source : Press Release
