Mobility technology company Sona BLW Precision Forgings has completed its ₹2,400 crore Qualified Institutions Placement (QIP). The issue garnered strong interest from institutional investors and sovereign wealth funds, resulting in over 5.5 times subscriptions, underscoring investors’ confidence in the Company’s strategic vision and growth strategies.
The QIP opened on September 4, 2024 and closed on September 9, 2024. Sona Comstar issued 34,782,608 equity shares to qualified institutional buyers (QIBs) at an issue price of Rs 690 per equity share, including a premium of Rs 680 per equity share. Some of the largest investment managers, such as SBI Mutual Fund, ICICI Prudential Mutual Fund, White Oak, Goldman Sachs Asset Management, Axis Mutual Fund, Aditya Birla Mutual Fund, Norges, BNP Paribas Fund, Fidelity International, Franklin Templeton and Fidelity Management & Research, amongst others, participated in the QIP, a positive reflection on the company’s long-term growth prospects.
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The proceeds from the QIP will further bolster the company’s capital structure to support its organic and inorganic growth strategies.
Vivek Vikram Singh, MD & Group CEO, commented: “We are overwhelmed with the strong response to our QIP. We thank our existing shareholders for reaffirming their trust and welcome several new shareholders. We are committed to creating value for all who have entrusted their assets to us and are unwavering in our efforts. We will use the QIP proceeds to augment the company’s capital to pursue our growth ambitions.”
Jefferies India Private Limited and JM Financial Limited were Book Running Lead Managers for the QIP offering. Shardul Amarchand Mangaldas & Co. acted as the Legal Counsel for Sona Comstar, while AZB & Partners and Linklaters Singapore Pte. Ltd acted as the Legal Counsels for the BRLMs.
