PTC Industries Ltd. LAUNCHES RS 1,800 CRORE QIP

PTC Industries, a manufacturer of critical and super-critical components and subsystems for the aerospace, defence and industrial sectors, has launched a qualified institutional placement to raise up to Rs 1,800 crore, or around $186 million. The company’s board of directors approved the opening of the QIP on October 6 and set the floor price at Rs 22,150 per share, according to an exchange filing. The company’s shares closed at Rs 23,125 apiece on the same day. The indicative issue price for the QIP has been set at Rs 21,060 per share. PTC Industries plans to use the proceeds from the issue for multiple purposes, including repayment of debt, investment in its subsidiary Aerolloy Technologies to meet working capital requirements and fund the purchase of plant and machinery. The company will also invest in its step-down subsidiary, Trac Precision Solutions Limited. The company and the two investment banks involved in the transaction could not be reached immediately for comments. PTC Industries has delivered strong stock market performance in recent months, with its shares rising more than 44 percent over the past six months. As of the close of trading on October 6, the company had a market capitalisation of approximately Rs 34,600 crore. The QIP is expected to strengthen the company’s balance sheet while supporting capacity expansion, working capital requirements and investments across its subsidiaries.