The board of directors of KEI Industries Ltd, in its meeting on October 15, 2024, approved the proposal to raise Rs.2,000 crore through qualified institutional placement (QIP).
In a stock exchange communication, KEI said that its board approved the proposal of raising of funds by way of issuance of equity share or other eligible securities for an aggregate amount of up to Rs.2,000 crore, through qualified institutional placement (QIP) subject to approval of shareholders of the company, and any other statutory/regulatory approval.
The board also constituted and authorized its “Fund Raising Committee” to decide the terms and conditions of the proposed QIP placement.
Performance in H1FY25
KEI Industries also announced its financial results for Q2 (July to September) and H1 (April to September) of FY25.
Here are highlights:
- Domestic institutional sales of wire and cable stood at Rs.1189 crore in H1FY25 as against Rs.1,004 crore in H1FY24
- Domestic institutional sales of EHV cable was Rs.152 crore in H1FY25, down from Rs.218 crore in H1FY24
- Total institutional sales (including exports) grew by 2.68 per cent year-on-year in H1FY25, and contributed 38.87 per cent of the company’s total H1FY25 sales
- Sales of wire and cable through the dealer/distributor network grew by around 32.75 per cent, year-on-year, in H1FY25
- The company’s order book, as of September 30, 2024, stood at Rs.3,847 crore. This includes EPC works, EHV cables, domestic institutional cable business and exports.
Also read: KEI Industries undertakes Rs.145 crore capex in Q1FY25