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Deepak Fertilisers and Petrochemicals Corporation has raised ₹510 crore through a qualified institutions placement of equity shares. Leading global and domestic investors participated in the issue, including Smallcap World Fund, Government Pension Fund Global, Axis Mutual Fund, Fidelity, Avendus and Societe Generale, among others.
This is the company's first external equity fund raising since its first public issue in 1982. The issue comprised of 1,24,39,029 equity shares offered by the company at a floor price of ₹422.84 a share and allotted to investors at an issue price of ₹410 a share, which was at a 2.95 per cent discount to the floor price.
About 82 per cent of the shares issued were subscribed to by foreign portfolio investors, 13 per cent by mutual funds and the remaining 5 per cent by Alternate Investment Funds.
Sailesh C Mehta, Chairman and Managing Director, said the substantial progress at the ground level continues capturing in the value chain, a key raw material, Ammonia, by way of a global scale project at Taloja, next door to the consuming downstream complex.
The company is also leveraging on the hugely growing mining needs emerging from India’s growth story by setting up a global scale Technical Ammonium Nitrate project, he added.
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