SPR Auto Technologies Limited (formerly Shriram Pistons & Rings) has completed a qualified institutional placement of 2,336,448 equity shares aggregating to ₹1,000 crore. The transaction saw two of India’s leading law firms — Khaitan & Co and Trilegal — advising the respective parties. The QIP was initiated on August 17, 2026, and the Finance and Investment Committee met on August 20, 2026, to approve the closure and allocation of the issue.
Introduction
SPR Auto Technologies Limited, formerly known as Shriram Pistons & Rings, executed a qualified institutional placement comprising 2,336,448 equity shares aggregating to ₹1,000 crore. The Finance and Investment Committee approved the allocation of 23,36,448 equity shares at an issue price of ₹4,280.00 per share, representing a discount to the floor price. The floor price had been calculated per Regulation 176(1) of the SEBI (ICDR) Regulations, 2018, and the Finance and Investment Committee had approved the opening of the issue on August 17, 2026.
SPR Auto Technologies is one of India’s leading automotive component manufacturers, with a heritage of over five decades as part of the Shriram Group. The company has grown from a manufacturer of pistons, piston pins, piston rings and engine valves into a diversified, technology-driven engineering group offering a broad portfolio of powertrain and powertrain-agnostic products for the automotive and non-automotive sectors.
Deal Value
The qualified institutional placement aggregated to ₹1,000 crore, comprising 2,336,448 equity shares. The issue price was fixed at ₹4,280.00 per share. The floor price of ₹4,438.20 per share had been set at a discount of 0.14% to the scrip’s previous closing price of ₹4,444.25 on the BSE.
Legal Teams Involved
Khaitan & Co — Counsel to SPR Auto Technologies (Issuer)
Khaitan & Co advised SPR Auto Technologies on this QIP. The transaction team consisted of the following:
- Gautham Srinivas — Partner
- Sathvik Ponnappa — Partner
- Pulkit Singh Rahangdale — Principal Associate
- Avinash Gautam — Senior Associate
- Anushaka Sharma — Associate
- Shambhavi Gautam — Associate
- Rishav Khetan — Associate
Trilegal — Counsel to Lead Managers
Trilegal advised the lead managers to the issue, Axis Capital Limited and Emkay Global Financial Services Limited. The transaction was led by Vinay Sirohia (Partner), with support from Shashwat Raj Solanki (Senior Associate), Associates Sheetal Kumar, Olivia De and Apoorva Chander; Trainee Associates Pratik Basistha and Sanchit Gupta.
In full, the Trilegal team comprised:
- Vinay Sirohia — Partner
- Shashwat Raj Solanki — Senior Associate
- Sheetal Kumar — Associate
- Olivia De — Associate
- Apoorva Chander — Associate
- Pratik Basistha — Trainee Associate
- Sanchit Gupta — Trainee Associate
For a broader view of law firm deal activity, see the Deal Meter.
Significance and Impact
The SPR Auto Technologies QIP is a notable capital markets transaction in the Indian auto components sector. The funds raised are earmarked for repaying borrowings, funding capital expenditure, and general corporate purposes. SPR Auto Technologies reported record FY26 results with ₹4,571 crore in consolidated income and is actively diversifying into automotive interiors and lighting through acquisitions, positioning itself as a technology-led, multi-product auto component supplier.
The name change to SPR Auto Technologies Limited, effective April 2, 2026, signals a broader rebranding and consolidation strategy that this QIP is designed to support. The QIP follows approvals from the Board of Directors on May 11, 2026, and shareholders on July 27, 2026, reflecting a well-structured and pre-approved capital-raising exercise. The transaction also underscores the continued demand among qualified institutional buyers for established Shriram Group entities with diversified product portfolios.
The ₹1,000 crore QIP by SPR Auto Technologies Limited marks a significant capital markets milestone for the Shriram Group’s flagship auto components entity. Khaitan & Co steered the issuer through the transaction while Trilegal guided lead managers Axis Capital Limited and Emkay Global Financial Services Limited. The deal reinforces the active role of India’s top-tier law firms in facilitating large-scale equity capital market transactions in the manufacturing sector.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
