RHI Magnesita India raises Rs900 cr via QIP

New Delhi: Refractory player RHI Magnesita India has raised Rs900 crore through qualified institutions placement, according to a company's top official. "We are pleased to announce a successful qualified institutional placement (QIP).

This transaction demonstrates the support of high quality international and domestic institutional investors in the business and financial model of our company," the company's CEO and MD Pramod Sagar said. The Rs 900 crore-proceed raised from the QIP will be used to finance company's growth through acquisition and in the modernisation of our operations, enabling us to capitalise on opportunities in the fast-growing refractory market in the India and West Asia region, Sagar said in a company statement on Thursday.

According to the statement, the company will issue 1,57,15,034 shares at Rs 572.70 each. HSBC Securities and Capital Markets (India) Pvt Ltd was the sole book runner on the QIP. RHI Magnesita India is the leading global supplier of high-grade refractory products, systems and solutions which are critical for high-temperature processes exceeding 1,200 degree Celsius in a wide range of industries, including steel, cement, non-ferrous metals and glass.