JSA advised Pitti Engineering Limited (the “Company“) and Motilal Oswal Investment Advisors Limited in the qualified institutions placement of equity shares of the Company.
The Company manufactures and supplies a wide range of products such as electrical steel laminations, motor cores, sub-assemblies, die rotors and press tools, for application in a diverse set of industries.
The transaction team included Lead Partner – Madhurima Mukherjee Saha, Senior Associate – Sagar Batra, Associate – Bhavini Mohan and Shristi Kanchan.
The issue price for the QIP is set at Rs 1,054.25 per share, reflecting an 8.93 percent discount off the current market price. On the Bombay Stock Exchange (BSE), Pitti Engineering’s shares closed 1.34 percent lower at Rs 1,156.30 each today.
Additionally, investors will face a lock-in period of 90 days.
Pitti Engineering Ltd, known for its diverse product range across various end-user segments, reported a significant increase in net profit for the quarter ending March 31, 2024, rising by 62.48 percent to Rs 40.36 crore from Rs 24.84 crore in the same quarter last year.
Revenue from operations for the same period grew by 32.48 percent, reaching Rs 327.88 crore compared to Rs 247.50 crore previously.
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