QIP placement initiated at Rs.154.31 per share (with a potential 5% discount). Not sure if they plan to raise the full Rs.400 crore that was approved, nothing mentioned in the filing here. https://www.bseindia.com/xml-data/corpfiling/AttachLive/ac63fb11-0298-4449-b740-fbc6d119e341.pdf
Results have continued to underwhelm over the past year with no change in debt situation as their cash flows have not supported debt reduction in any way so far. I am not sure if they plan to use these funds to reduce debt. Anyone knows?
Debt aside, valuation is reasonable and moderate textile tailwinds seem to be there. Guess this quarter’s result may indicate if they are benefiting.
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