The preference issue seems to have killed all the momentum of the stock (not to mention the downfall from the top). The management has been fairly shareholder friendly in recent past (dividends and buybacks) and even the recent acquisitions have been value accretive. Its difficult to figure out the need to raise equity when the company can easily service a good size (say 200Cr) acquisition with debt and repay that over 4-5 years from operating cashflows. And as you rightly mentioned QIPs usually mark the tops for most shares for next 3-4 years.
It really remains to be seen if the management can justify this move by getting even a bigger acquisition done and therefore did not wish to rely only on debt for that. Otherwise, the timing of this raise is highly questionable, as its after almost 5-6 years that share has started to see earnings and price momentum.
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