Pitti Engineering has successfully raised ₹360 crore through the qualified institutions placement.
The proceeds of the QIP will be used for repaying certain borrowings availed by the company and for other general corporate purposes.
The issue closed on Thursday after its fund raising committee approved the allotment of 34,14,749 equity shares to qualified institutional buyers at the issue price of ₹1,054.25 per equity share.
Domestic and global institutional investors such as SBI MF, Aditya Birla Sunlife MF, HSBC MF, Franklin India Smaller Companies Fund, Motilal Oswal Small Cap Fund and Kotak Mahindra Life Insurance Company participated in the QIP.
Pitti Engineering supplies a wide range of products under rotating electrical equipment and machined component verticals for use in diversified industries such as renewable energy, power generation, automotive, data centres, automotives, special purpose motors and mining.