Rajoo Engineers Plans ₹180 Crore QIP for Inorganic Expansion

Rajoo Engineers, a prominent manufacturer of plastic extrusion machinery, is set to raise ₹180 crore through a Qualified Institutional Placement (QIP). The company announced that its board has approved the issuance of equity shares at a floor price of ₹114.42 per share.

This move comes after the company's shares closed at ₹131 apiece last Monday. In compliance with current regulations, Rajoo Engineers has offered a discount of less than 5 percent on the floor price for the QIP.

To manage the issue, the company has appointed GYR Capital Advisors as the Book Running Lead Managers. The capital raised is expected to fuel Rajoo Engineers' growth initiatives, potentially including inorganic expansion plans, as the company looks to strengthen its position in the plastic extrusion machinery market.